Vans Plans Expansion Into Athletic Footwear, Looks To Compete With Nike

VF Corp.’s Vans shoe brand “plans to expand into athletic footwear to compete with Nike,” according to Burritt & Coleman-Lochner of BLOOMBERG NEWS. Vans President Kevin Bailey said that the brand “will start selling the Vans LXVI, named for Vans’ founding in 1966, at sporting-goods and athletic retailers including Foot Locker Inc. and Footaction in two weeks.” The new line is “part of Vans’ push to boost sales" by $1B to $2.2B in five years. Bailey said that the shoe, “starting at $70, is aimed at young consumers who ‘are more likely to be a teen walking around the streets in a pair of running shoes or basketball shoes.’” He added, “This brings a new consumer into the Vans stable of footwear.” Bailey said that Vans “raised the heel of its new shoe to give it a more athletic feel and makes it without sewing and seams.” Burritt & Coleman-Lochner noted the company “also changed the checkerboard pattern on the bottom of its traditional Vans shoes to create a more flexible sole.” Bailey said, “We see a mainstreaming of action sports.” VF plans to “sell the new shoes globally, including in 350 Foot Locker stores and 50 Footaction stores in the U.S.” (BLOOMBERG NEWS, 6/14).