Puma is Winning Over F1 Fans
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Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.
Puma explains the opportunity in F1 and we discuss an executive move at Ciele Athletics. Plus, we have an analysis of last week's earnings.
Here's what you need to know:
How Puma Is Responding to the Increasing Popularity of Formula 1 in the U.S.
Puma has a long-standing history in motorsports, so it’s fitting that the brand is pulling out all stops to ensure it wins over Formula 1 fans in the U.S.
For starters, the German athletic powerhouse announced last month that it had entered into a long-term creative partnership with style-savvy rap star A$AP Rocky. The rapper has assumed the role of creative director for Puma’s F1 partnership.
And in May, Puma announced it had entered into a deal with F1 for the 2024 season and beyond that makes the brand the supplier at Formula 1 races. This includes the rights to produce F1 branded apparel, footwear and accessories, and Puma will both equip F1 sports officials on track and create fanwear consisting of lifestyle and motorsport collections. This month, Puma teamed up with famed artist Joshua Vides and Scuderia Ferrari on a collection ahead of the inaugural Las Vegas Grand Prix, which took place Nov. 19.
FN spoke with Allison Giorgio, VP of marketing at Puma, about how the brand is approaching motorsports looking ahead and the opportunity the Las Vegas race presents the brand. Read what she had to say, here.
Ciele Athletics Names Nike Veteran as Head of U.S. and Canada Sales
Ciele Athletics has named Scott Gravatt as its new head of sales for U.S. and Canada as the brand bolsters its presence in the run specialty channel.
Gravatt, a running industry veteran, joins after a 15-year tenure at Nike, including as Nike Running sales director.
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“A lot of my work at Nike involved restructuring the way we dealt with small, independent run shops,” Gravatt said. “I am very passionate about small businesses and small-business ownership, and how important they are to local communities and sport culture.”
Zoom out: Gravatt’s hire is in line with Ciele’s commitment to growing its relationship with the run specialty channel across North America, an increasingly important avenue for running brands to connect with consumers. Even as hot running brands like Nike, On and Hoka narrow in on a DTC focus for distribution, they are still determined to have a strong presence in specialty running stores.
Warmer Fall Temperatures Chilled Boot Sales in Q3
Atypical weather patterns threw a wrench into apparel and footwear retailers’ earnings results this fall.
Last week, executives from Walmart, Shoe Carnival, TJX Companies and Macy’s noted that unseasonably warmer weather this fall impacted consumer preferences and sales in certain cold weather categories like sweaters and boots. While year-round sneaker brands can largely avoid this type of climate-related impact, retailers are more at risk.
For example: Shoe Carnival on Thursday said that mild temperatures in September and October led to slow sales in its fall and seasonal merchandise after Labor Day. As a result, seasonal boot comparable sales declined in the low-twenties in Q3.
At Macy’s, CEO-elect Tony Spring told analysts this week that despite the warmer-than-usual weather in Q3, the department store retailer did see strong sell through with its sweaters and is working to bolster its assortment of “transitional products” that can be worn in various temperatures and seasons.
“One of the things we’ve come to accept is we don’t control the weather,” Spring said. “But we can diversify our assortment to take advantage of opportunities for gift-giving and self-purchase.”
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