Lululemon receives sneaker patent – Front Office Sports

Lululemon is set to launch a line of sneakers with the help of talent associated with the biggest names in sportswear.

The athleisure brand was granted a patent for its shoe brand on October 12, drawing on designers who previously worked for Nike, Under protection, and Adidas.

The company has announced a transition to footwear since at least 2019. Its branded shoes are expected to hit stores “in early 2022,” according to CEO Calvin McDonald.

• Lululemon saw tremendous growth in the second quarter, retaining gains in online retail while seeing a big rebound for in-person retail.
• The company posted $ 1.45 billion of second quarter revenue, up 61% year-on-year and 64% compared to the same period in 2019.
• Lululemon aims to double its menswear revenue for $ 1.4 billion by 2023.

Lululemon proposed shoes from APL since 2017. An April Piper-Sandler survey found Lululemon to be the ninth highest-rated shoe brand among teens, although it doesn’t produce its own sneakers. Nike, Adidas and Under Armor took the top three places.

McDonald’s said on a December 2020 earnings call that the collaboration with APL shows strong potential for the company’s branded shoe sales.

NBA franchises have reached new heights in value, as Forbes revealed in its ranking of the league’s most valuable teams.

For the first time in NBA history, the league has three franchises worth more than $ 5 billion each.

• New York Knicks – $ 5.8 billion
• Golden State Warriors – $ 5.6 billion
• Los Angeles Lakers – $ 5.5 billion

Despite a 2020-21 season with limited live attendance due to the global pandemic, the average value of an NBA franchise has reached $ 2.48 billion, a 13% increase since February.

The rise is the result of increased sponsorship and the league’s upcoming media deal, which could take total league revenue to a record $ 10 billion.

The NBA aims $ 75 billion over nine years for its next round of broadcast deals, a significant increase from its $ 24 billion in deals with Disney and WarnerMedia. The league is also considering a five-year, $ 1.5 streaming deal with Tencent to bring games to China.

IEG estimates that the NBA achieved a record $ 1.46 billion in sponsorship revenue last season and is expected to exceed that figure for the 2021-2022 season, which begins on Tuesday.

The Chicago Bulls ($ 3.65 billion) and Boston Celtics ($ 3.55 billion) round out the top five on Forbes’ Most Valuable NBA Teams list.

Soccer superstar Cristiano Ronaldo is teaming up with billionaire Peter Lim in a venture that promises to create a holistic digital experience and marketplace around soccer.

The Manchester United star announced the launch of ZujuGP on Instagram, where he has 357 million followers, most of anyone in the world.

The digital platform offers football products, gaming opportunities and social connections for fans. Fans can also watch matches live.

Lim, who has a net worth of $ 2.6 billion, by Forbes, creates ZujuGP with his son, Kiat Lim. He made a large chunk of his fortune on a premonitory $ 10 million investment in palm oil company Wilmar in the 1990s, cashing in $ 1.5 billion in 2010.

• Based in Singapore, ZujuGP will focus on the growing Asian football market, proclaiming that “Football 3.0 is the Asian Age”.
• ZujuGP also hosts an AI-based application for finding a job in the soccer industry and developing and recruiting soccer talent.

Peter Lim owns La Liga Club Valencia CF and owns a 40% stake in Salford City, a football club which participates in UK League 2. He made a “significant” investment in McLaren Automotive in 2011.

Valencia got into debt, which prompted the team to sell the best players. The construction of its new stadium has progressed slowly due to financial problems.

Just months after announcing second-quarter revenue of $ 2.28 billion, beating Wall Street estimates of $ 2.09 billion, Foot Locker is expanding its offering and launching a new clothing line.

The athletic shoe retailer announced a private clothing brand called LCKR, his first since leaving the category three years ago. The premium lifestyle range, which goes from $ 40 to $ 75, will be available in more than 800 stores this week and online, where up to 90% of Foot Locker customers start their journey..

Foot Locker Senior Vice President Bryon Milburn said the sneaker culture is a state of mind it goes beyond the purchase of sneakers: – and that “clothes are part of this state of mind”.

Milburn’s statement matches the company’s business decisions in recent months.

• In August, Foot Locker announced its $ 350 million acquisition of a streetwear and sneakers store Atmos.
• On the same day, Foot Locker announced the acquisition of the sports retailer WSS, formerly known as the Warehouse Shoe Sale, for $ 750 million.
• Foot Locker invested $ 36 million in its store base, digital capabilities, supply chain and other infrastructure during the second quarter.

Other retailers including Dick’s Sporting Goods and Target, have launched their own athletic lines – the success of the latter’s All In Motion brand. $ 1 billion in Sales during the first year. The athleisure market is expected to reach $ 549 billion by 2028.

Foot Locker will close two-thirds of its Footaction stores by 2023 and is currently converting the rest to Foot Locker stores. It already has more than 2,900 physical locations around the world.