A two-year long "slump" that has "hobbled" the athletic
footwear industry "may be coming to an end," according to
Joseph Pereira of the WALL STREET JOURNAL, who writes that
athletic shoe retailers, "after being saddled with excess
inventory" since fall '98, are now finding themselves "short
on products" and are "scrambling to replenish supplies."
Sporting Goods Intelligence Publisher John Horan: "People in
the industry are beginning to say, 'Hey, maybe we're going
to make some money this year.' I haven't heard this kind of
optimism since the last Olympics in 1996." Pereira notes
that in the past three weeks, shares of Reebok, Nike, K-
Swiss and Stride Rite have risen, respectively, by 55%, 38%,
28% and 27% (WALL STREET JOURNAL, 4/11).
SHUFFLE SHOES: BRANDWEEK's Terry Lefton reports that
adidas America is "reshuffling its top exec team following
several key departures both domestically and at corporate
headquarters in Germany." adidas COO Jack Cuniff "has been
handed the additional responsibilities" of Acting President,
while the company "continues to seek a new U.S. chief to
succeed" former President & CEO Steve Wynne. Meanwhile,
Jack Buckner, who "had run brand marketing," is now Dir of
Marketing. Lefton writes that Buckner will now have all
product, retail and sports marketing personnel "reporting to
him." Buckner said a new president is expected "in a few
weeks or so." Bob Nagel, who was Dir of Sales & Marketing,
"now has narrowed his focus" to Dir of Sales, while Rob
Goodwin "is moving over from International to head U.S.
footwear merchandising." While "industry whispers" have
adidas "attempting to back out of some American sports
marketing commitments signed over the past five years,"
Buckner said that he "expects to have the same number of
athletes and teams under contract a year from now."
Buckner: "We've assembled strong assets, and we haven't done
such a good job in using those assets to communicate the
brand to relevant target brands" (BRANDWEEK, 4/10).
