Crocs (NASDAQ:CROX) has struck a new partnership with Foot Locker (FL) for its HEYDUDE brand, which was acquired in February of 2022.

Foot Locker (FL) will sell the brand across the Foot Locker, Champs, and Kids Foot Locker banners, as well as online. The brand will launch initially in 450 stores in North America, and is expected to expand over time.

BTIG analyst Janine Stichter noted Crocs has been retooling HEYDUDE for its distribution and leveraging many of the existing distribution relationships from its own namesake brand.

“HEYDUDE’s growth has been robust, with revenues jumping ~70% in 2022 to nearly $1B. While Q1 sparked concerns of moderating growth (+15% YoY promo-forma, projected to grow mid-20s in 2023), the brand is still on the rise and a logical fit for FL’s portfolio as they look to diversify their assortment.”

For Foot Locker, the HEYDUDE partnership is seen as an effort by CEO Mary Dillon to broaden the brand mix and attract a wider range of consumers to help fill the gap left by reduced allocations from Nike (NKE).

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• Source: https://seekingalpha.com/news/3966907-crocs-strikes-key-partnership-with-foot-locker?utm_source=feed_news_all&utm_medium=referral