Recovery footwear brand OOFOS announced it recently completed a growth investment round of funding led by three of its brand ambassadors —  NFL quarterback Derek Carr, retired quarterback Alex Smith and University of South Carolina women’s basketball coach Dawn Staley. All three have been long-time supporters of the brand and users of the product. With the new investments, OOFOS is positioned for continued growth, reporting that it entered 2023 with 82% growth in revenue year over year.

Yue Yuen, the world’s largest manufacturer of athletic, casual, and outdoor footwear, warned last week that several current headwinds, including soft global demand and high inventory levels, is making short-term demand for its footwear “cloudy” and “the magnitude of order recovery uncertain.” Last year, YY’s annual footwear volume rose by 14.4 percent to 272.7 million pairs with the average selling price (ASP) increasing by 12.0 percent to $20.93. Athletic/outdoor shoe production increased by 30 percent in FY22 to more than $4.89 billion. Casual footwear production, meanwhile, rose by 18.6 percent to $816.1 million.

Adidas and Beyonce are cutting ties, according to reports. The brand had partnered with Beyonce to relaunch her Ivy Park label in 2019. The Wall Street Journal reported that sales of Ivy Park underperformed expectations, dropping considerably last year.