The Kicks You Wear, Vol. 303 — 🤦🏾 Foot Locker is putting the blame on you
Foot Locker is blaming "consumer softness" for a bad quarter, but there's a reason for that.
Gooooood morning, family. Welcome back to the Kicks You Wear! Thank you so much for rocking with me today. I appreciate you taking the time! Hope you had an amazing weekend.
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Foot Locker is in its own way
Foot Locker managed to hit all the wrong buttons with consumers heading into the weekend.
The skinny: The company’s second-quarter earnings call revealed a ton of struggles.
FTL reported $1.86 billion in sales, which is a 9.9 percent dip from $2.07 billion last year, per CNBC.
As a result, the company changed its outlook again for the second time this year, expecting sales to drop anywhere from 8 to 9 percent on the year overall.
The company’s shares dipped by nearly 30 percent following the news of its shortfall in revenue.
What they’re saying: The brand’s quarter summary report managed to add a bit of fuel to an already blazing fire. Instead of the brand taking things on the chin and examining its own strategy, the brand cited “consumer softness” as an issue along with a changing vendor mix and a “repositioning” of Champs Sports.
Translation: Aw shucks, consumers just aren’t spending enough money with us anymore. Whoa is me.
Naturally, that struck a chord with a lot of people. It’s easy to understand why. People feel gaslit. Blaming consumers for poor performance is never a good idea.
Here’s the thing: Consumers have gotten “soft” about Foot Locker. But that’s mostly Foot Locker’s fault. The brand has done nothing to get people excited about it.
Problem 1: Foot Locker doesn’t have high-heat products anymore. There are no hyped sneakers online or in the stores. I’ve detailed how Nike has pulled back a lot of products from FTL’s shelves as it has taken a more consumer direct approach. This is the long-tailed impact of that.
It’s not Foot Locker’s fault that Nike chose this route, but the brand has had years to prepare. It depended too heavily on the Swoosh and is now suffering because of it.
Problem 2: Foot Locker has physically removed a ton of locations already as part of its “Lace Up” plan presented by Mary Dillon earlier this year. By 2026 the brand plans to shut down 400 stores. Those locations that offered very little sales are now offering nothing. While that’s not necessarily the biggest impact driver, it certainly chips away.
Problem 3: Consumers just haven’t felt like Foot Locker has their best interest at heart. The company hasn’t won people over. The FLX program is bad. No one ever feels like they win raffles there. Plus, the bot protection is terrible.
There is a line of thinking that Foot Locker has a bot-first strategy out there. Not saying it’s true, but when bots consistently eat up the brand’s inventory and they’re also investing in a brand like GOAT, it creates that perception.
You add all of those things together and, yeah, consumers will be less interested in what you’re selling. That’s just how it goes. That’s not our fault. Foot Locker did bad all by itself.
Fixing it: Honestly, I think the thing to do is to just ride things out. The “Lace Up” plan introduced back in March isn’t a bad one. Creating better consumer experiences inside stores matters.
It just takes time to execute. With that time will come a bit of pain. We’re seeing that manifest in real-time. But I think things will get better at some point.
Let’s hope it’s soon before there are massive layoffs that come as a result of this.
Skechers has some nerve
Brands have been suing Skechers for years over stolen designs and infringed trademarks. Now, the shoe is apparently on the other foot. Yes, that’s a pun.
The news: Skechers is accusing Laforst Shoes, Inc. of stealing the design for its “Slip-in” shoe, Footwear News’ Shoshy Ciment reports.
The details: The company filed the lawsuit last week in the central district of California.
Skechers is accusing Laforst of stealing a heel design unique to the Slip-in shoe that allows the heel of the sneaker to grip the heel of the wearer and stay on.
The company is claiming Laforst began using the heel design once Skechers established it in the marketplace and that its reputation is now being tarnished because of it.
The backdrop: The Slip-in is one of Skechers’ bread-and-butter designs. The company has partnered with big-name celebrities to promote it. It’s even been worn by President Joe Biden.
Plus, Laforst is a company focused on making shoes for comfort — in particular, for different service industries like restaurants and healthcare spaces. Given that it’s a direct competitor, it’s not shocking Skechers would be so defensive of this sneaker considering the investment.
It’s just hilarious: Again, y’all. It’s Skechers. SKECHERS. That is saying someone is stealing its IP. The jokes write themselves. For so long, the company’s bag has been stealing designs.
Be smart: This isn’t the first time Skechers has sued a company over stolen designs before.
In recent years, the brand has sued both Steve Madden and Hemrés International in trademark and patent infringement cases, respectively.
These lawsuits are generally a part of the game when it comes to the big sneaker business. The truth is everyone is stealing from everyone. All the time. It’s just so hilarious when maybe the biggest culprit involved is the one waving the sword around this time.
Hello pot, meet kettle.
Get ready for Puma x Fenty
September is here, folks. The Fenty return to Puma is right around the corner.
The backdrop: Earlier this year, Rihanna announced her reunion with Puma following her departure in 2017.
Rihanna served a 3-year stint as the creative director for Puma’s women’s division.
After leaving in 2017, Rihanna expanded the brand beyond apparel and footwear. She reaps the benefits of that move today.
Where we’re at now: The new Puma x FENTY partnership is set to relaunch in September, CEO Arne Freundt said on the company’s second-quarter earnings call. The brand hopes Rihanna can bring back the excitement it has been missing on the lifestyle side.
The strategy: Puma isn’t making the nostalgia play by rebooting old Creeper models. That’s an easy win and still could be on the table for later.
Instead, Puma is trying to spread some hype amongst some lesser-known models. Lois Sakany explained a bit in the Snobette newsletter earlier this month.
The brand also noted she will provide her input on the terrace trend, a reference to shoes popularized by working class U.K. soccer fans in the '70s, a period when soccer stadiums included lower-price terrace or standing sections. Puma terrace silhouettes include the Palermo, Super Team and King Avanti.
She’s also co-creating new apparel collections with the brand, focusing on unisex and kids categories. Here’s an example of what that may look like here, featuring Lil RZA.
The timing: We don’t have a set release date for any of this yet, but if Puma is going to go on schedule with this stuff then expect to see some promotional moves soon.
The Drake shoes we actually want
Why in the hell are these only customs again?
For those of you who don’t know, the sneaker above is Drake’s upcoming NOCTA Glide. Except for this pink version of the sneaker is a custom job done by the Shoe Surgeon made specifically for Drizzy himself. He wore these while performing in LA on tour.
Nike, y’all better make these. Quit playing. If these don’t drop at some point we riot. Not really. But I will definitely be extremely upset. Get creative again. Please.
What’s droppin, bruh?
Yuto Horigome x Nike SB Dunk Low — Tuesday, August 29
Nike Air Max 1 “Sofvi” — Wednesday, August 30
Nike KD 3 “Easy Money” — Wednesday, August 30
Nike SB x Supreme “Rammellzee” — Thursday, August 31
Nike Sabrina 1 “Iconic” — Friday, September 1
Thank you so much for rocking with the Kicks You Wear. Y’all are incredible. Appreciate you giving me a few minutes of your time each week.
Let’s chat again on Friday. Until then, peace and love. Be easy, be safe, be kind. And we out.
-Sykes 💯