New York-based specialty athletic retailer, Foot Locker will be opening two stores and a localized webstore in Indonesia. Signing an exclusive licensing agreement with sports and leisure retailer PT Map Aktif Adiperkasa (MAP Active), the stores are scheduled to open in the fourth quarter of this year. There will be more stores to come in 2022.
With plans to venture into the Southeast Asia market, Foot Locker acquired Text Trading Company, K.K (atmos) for US$360 million last month. Text Trading Company, K.K owns and licenses the atmos brand, a digitally-led, premium, global retailer headquartered in Japan. The acquisition of atmos will accelerate Foot Locker’s global reach with a highly strategic foothold in Japan, the third-largest economy globally while extending the company’s premium and top-tier offering.
Noting that atmos is uniquely positioned, chairman and CEO of Foot Locker, Richard A. Johnson said that its innovative retail stores, high digital penetration, and distinctive products have made it a key influencer of youth and sneaker culture. With atmos, the company would be executing against its expansion initiative in the “rapidly growing Asia Pacific market”. Johnson added that this would establish a critical entry point in Japan and the company would benefit from it well.
Johnson also expressed his excitement to bring atmos into the company’s portfolio brands and build on the strong foundation of this differentiated business. Welcoming atmo’s founder, Hidefumi Hommyo, Johnson said that he is considered as “one of the most influential people in streetwear and sneaker culture.”
“Our passion for sneaker culture and ability to connect with our customers have been the driving forces of our growth ever since,” said Hommyo. He then emphasised that he was excited to join forces with Foot Locker to propel atmos into the next phase of growth as the company shares the same passion.