Foot Locker (NYSE:FL) is taking a stake in child sportswear brand Super Heroic.
The investment from Foot Locker has it taking out a $3 million stake in Super Heroic. This has the amount of funding that the maker of sportswear for children has received reach $10 million. It also gives FL a minority stake in the company.
The deal between Foot Locker and Super Heroic doesn’t just stop at a simple investment. It will also allow FL to take a seat on the company’s Board of Directors. This will allow it to work with the company to manage its growth efforts and product plans.
There’s also another benefit for Super heroic from its deal with Foot Locker. This advantage is that the retailer of sports goods will act as the first physical retailer to carry Super Heroic merchandise in the U.S. This will be through its Kids Foot Locker stores.
“With its robust talent and cutting-edge innovation, we look forward to working with Jason and the entire Super Heroic team to offer an exciting, fresh product to our customers, while realizing additional growth opportunities for the future,” Richard Johnson, Chairman and CEO of Foot Locker, said in a statement. “Giving kids the tools to be active is in our DNA. Having our two companies come together to empower kids to play has the potential to be game changing.”
FL stock was up 1% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.