Inside the New Rothy's Store in NYC
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Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.
Rothy's opens a new store in NYC, Dr. Martens reaffirms its cautious outlook for fiscal 2025 and Nike promotes Tom Clarke to the role of senior advisor on strategic growth initiatives.
Here's what you need to know.
Rothy’s Opens an NYC Flagship Store That Includes a Water Refill Station
Rothy’s is forging ahead on its retail expansion with the opening of a new flagship store in Manhattan’s Flatiron neighborhood.
The 1,880-sq.-ft. store, which officially opens Friday at 134 5th Ave, marks the sustainable shoe brand’s sixth store opening in the last three months and its third and largest location in New York City.
“This is a store that really represents the heart and soul of our brand and who we are today,” Rothy’s president Dayna Quanbeck told FN in an interview. “It’s got an amazing representation of the breadth of product that we carry, the innovation, our sustainability messaging — and it’s warm and inviting. It’s a place you want to hang out.”
In addition to featuring the brand’s messaging and products, the new store includes a streetside water station for passersby to refill their reusable bottles, in line with Rothy’s mission to help end single use plastics.
Big picture: Rothy’s currently operates 23 stores across the U.S. and plans to open at least two more stores this year in California and Texas. In 2023, Rothy’s reported a 37 percent increase in retail sales from physical stores.
Dr. Martens Says Cautious Guidance for 2025 ‘Remains Unchanged
Dr. Martens hasn’t changed its weak outlook for fiscal 2025.
Ahead of its annual general meeting in September, the British footwear company said in a regulatory filing on Thursday that its results since the start of the fiscal year have “been in line with expectations” and its guidance for 2025 “remains unchanged.”
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Dr. Martens in April shared what it described as a “prudent” outlook for 2025, which projected U.S. wholesale revenue to be down double-digits in 2025 compared to the prior year. This drop was expected to impact profitability to the tune of about 20 million euros before tax. At the time, Dr. Martens said there was a chance for wholesale sales to improve from in-season re-orders but noted it would not be able to offset cost inflation in 2025 as it invests more in talent while not increasing prices.
Specifically, Dr. Martens expects group revenue to decline around 20 percent in fiscal 2025, driven by wholesale revenues down around a third.
In the Thursday filing, Dr. Martens said it expects most profits to come in the second half of the year and said that the upcoming fall and winer season is still a key focus for the brand.
Tom Clarke, John Hoke Get New Top Roles at Nik
Nike confirmed to FN on Thursday that Tom Clarke had been elevated to the role of senior advisor on strategic growth initiatives, reporting to Nike president and chief executive officer John Donahoe. He previously served as Nike’s president of advanced innovation for 11 years.
In a statement, Nike said that 30-year Nike veteran and former chief design officer John Hoke would take over the advanced innovation function. Hoke has served as Nike’s chief innovation officer since November.
The news marks the latest leadership change at Nike as it looks to overcome an?innovation?lag and?increased competition?from other brands in crucial categories like running. Earlier this week, FN reported that Nike rehired former senior executive Tom Peddie to the role of vice president of marketplace partners. He comes back on board during a critical time for Nike, which recently announced a renewed focus on the wholesale sector after pulling out of many doors in 2021 to focus on direct-to-consumer sales.
In recent months, Nike has lost several top leaders across its organization as it undergoes waves of layoffs to cut costs. According to a recent filing from Nike, many recently laid off employees were from the top levels of management.
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