In The News: Cardi B + Reebok, Rack Room, Foot Locker
Reebok and entertainer Cardi B had Instagram buzzing over the weekend when Cardi B teased the November drop of her collab with the brand, posting a photo with her take on the Club C shoe. A limited number of Reebok’s Cardi B Club C shoes, priced at $100, were made available, selling out quickly. The Cardi B collection will return with a new drop from Reebok expected on November 13.
Retailer Rack Room Shoes is spotlighting essential workers in its fall advertising campaign. The campaign celebrates a different essential worker each week — the essential workers were nominated through online submissions. All participants received several pairs of new shoes for them and their families to model in at-home photoshoots.
Foot Locker announced the launch of its new national platform, Behind Her Label, which aims to empower the next generation of female designers and close the gender pay gap in streetwear. For the platform’s inaugural year, three emerging streetwear designers were chosen to create an exclusive capsule collection influenced by their love of basketball and streetwear culture. All sales from each collection go directly to the designer.
U.S. Ecommerce sales are forecast to rise 32.4 percent in 2020, according to eMarketer, to $794.5 billion and account for 14.4 percent of all retail sales. Amazon will own an estimated 39 percent market share as its annual ecommerce sales approach $310 billion on a 39 percent annual sales increase. In 2021, overall ecommerce sales growth is forecast to slow to 6.1 percent before rising by double digits in each of the subsequent three years, including anticipated 12.3 percent growth in 2024 to more than $1.2 billion.
StreetTrend LLC, the fashion footwear and streetwear brand company founded in 2017 by Stuart Weitzman’s former CEO Wayne Kulkin, has acquired Italian sneaker brand P448 from NoThanks SpA in Forli, Italy. Previously, StreetTrend served as an exclusive distribution and marketing partner for the European label in the U.S., Canada, Mexico, China, Hong Kong, Macau and Taiwan and subsequently purchased a 30-percent stake in the brand’s Italian parent.
The Vegan Footwear market is forecast to record more than $24 billion in sales this year and grow 7.2 percent over the next decade, according to a report from vegconomist.com. The North American market is predicted to maintain its dominance in the category thanks to interest in the segment from Millennials.