Foot Locker, Inc. Announces Strategic Investment In NTWRK

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Sep 25, 2019, 09:45 ET

NEW YORK, Sept. 25, 2019 /PRNewswire/ -- Foot Locker, Inc. (NYSE: FL) ("Foot Locker"), announces today their most recent strategic investment in NTWRK, a leading youth culture e-commerce and content platform. With this $3 million investment, Foot Locker and NTWRK will bring together the world's best brands utilizing NTWRK's highly compelling episodic format to release exclusive products, original content and access to the biggest names in youth culture.

Since its inception in 2018, NTWRK has pioneered "Shopping at the Speed of Culture," which encompasses an unprecedented overlap of content creation, episodic programming, experiential activations and exclusive launches to drive e-commerce sales. Its unique platform gives brands and artists the ability to tell stories behind their most compelling products, with partnerships focused on demand creation and commercializing hype in new and exciting ways. NTWRK is headquartered in Los Angeles, California and led by CEO Aaron Levant, who previously served as Senior VP at Reed Exhibitions. In that role, he founded The Agenda Show, the industry's largest streetwear trade show, and spearheaded the launch of ComplexCon, a cultural event attracting consumers and the biggest names in pop culture across fashion, arts and sports. NTWRK was initially backed by Warner Brothers Entertainment and has since brought commerce and community to an exciting new level.

"NTWRK's innovating and engaging content platform is pioneering the way brands tell their stories and the way youth culture shops," said Richard Johnson, Foot Locker, Inc.'s Chairman and Chief Executive Officer. "At Foot Locker, we are focused on continuing to elevate the customer experience and investing for growth, and our partnership with NTWRK reflects our commitment to driving our business in new and exciting ways. We look forward to working closely with Aaron and the NTWRK team to deliver exclusive products and experiences for our customers and extend our reach in youth culture." Many of NTWRK's recent and current partnerships include brands that are complementary to Foot Locker's offerings, such as Nike, Jordan, adidas, Puma, Champion and New Balance.

Aaron Levant, CEO of NTWRK, said, "NTWRK is building the content platform and retail marketplace of the future through an approach that has undeniably elevated the consumer experience. We are excited to partner with Foot Locker on this journey, further enhancing what experiential commerce means to the consumer. Given Foot Locker's strong, global track record for retail leadership, we collectively aim to exceed the expectations of the next wave of consumers."

This series A round has raised a total of $10 million, led by investments from Live Nation and Foot Locker.

For more information, please visit thentwrk.com.

About Foot Locker, Inc.:
Foot Locker, Inc. is a specialty athletic retailer that operates approximately 3,175 stores in 27 countries as well as websites and mobile apps, under the brand names Foot Locker, Lady Foot Locker, Kids Foot Locker, Footaction, Champs Sports, Eastbay, Runners Point, and Sidestep. With its various marketing channels and experiences across North America, Europe, Asia, Australia, and New Zealand, the Company's purpose is to inspire and empower youth culture around the world, by fueling a shared passion for self-expression and creating unrivaled experiences at the heart of the sport and sneaker communities.

About NTWRK:
NTWRK's unparalleled access to content hosted by the biggest names in pop culture, has made the platform unlike anything else in the marketplace, merging together the partnership of the best brands and talents. Touted as the next wave of video commerce, NTWRK's first phase has been a collection of shopping content from some of the most highly sought-after brands and personalities driving youth culture and will continue with even more creative content and experiential one-of-a-kind experiences. Commerce Media Holdings, LLC d/b/a NTWRK launched in the fall of 2018.

SOURCE Foot Locker, Inc.