GENESCO INC. SIGNS U.S. LICENSE FOR ETONIC FOOTWEAR

Rhea-AI Summary

Genesco Inc. (NYSE: GCO) has entered a three-year licensing agreement with Etonic, becoming the exclusive U.S. and Canadian footwear licensee. This partnership includes two renewal options, potentially extending the agreement until January 2030. Etonic aims to capitalize on its brand heritage and growing sneaker culture, with Genesco set to design footwear priced between $50 and $110. The new collection is expected to launch in Fall 2022, highlighting Genesco's expansion into the retro/heritage footwear segment.

Positive

• New three-year licensing agreement with Etonic expands Genesco's brand portfolio.
• Potentially lucrative market segment of retro/heritage footwear.
• Brand heritage may attract a diverse consumer base aged 16-45.

Negative

• Dependence on the success of Etonic's brand revitalization.
• Market competition in the growing sneaker segment could impact sales.

NASHVILLE, Dec. 14, 2021 /PRNewswire/ -- Genesco Inc. (NYSE:  GCO) has signed a new three-year licensing agreement with heritage running brand ETONIC to be its exclusive U.S. and Canadian footwear licensee. The deal includes two three-year renewal options, which would extend the partnership through January 31, 2030.

"We are pleased and excited to announce a new U.S. and Canadian footwear licensing partnership with Genesco Licensed Brands," said Bruce Weisfeld, Partner, Etonic Holdings LLC. "Along with our current roster of domestic and international licensees, we continue our work to build the Etonic brand and return it to its rightful place among the best athletic companies in the world. We are confident that Genesco will honor the Etonic tradition of 'firsts' by bringing new product to market through its extensive retail and wholesale platforms." 

Founded in 1876, Etonic is one of the most iconic athletic footwear brands with an historic reputation for comfort, innovation, quality, and performance. The Etonic lifestyle consumer, ages 16 to 45, spans generations. The brand encompasses a unique dynamic that is primarily fueled by the ever-growing "sneaker-head" culture. Genesco will design and manufacture Etonic brand lifestyle footwear for men, women, and kids with suggested retail prices ranging from $50 to $110.

"We are thrilled to partner with Etonic," said Andy Gilbert, president of Genesco Licensed Brands. "Etonic's incredible history and past affiliation with sports legends like Arnold Palmer, Bill Rodgers, and Hakeem Olajuwon provide a terrific foundation for lifestyle footwear built on the brand's performance heritage but designed for today's consumer."

Genesco, a Nashville-based specialty retail and branded company, has been a leader in the footwear industry for nearly 100 years. With a reputation for producing high quality, innovative styles with a sharp attention to detail, Genesco's stable of licensed footwear includes many top brands, including Levi's, Dockers, Bass, and Starter. The addition of the Etonic brand expands Genesco Licensed Brands portfolio into the retro/heritage branded footwear space that is a growing segment in the industry.

The new line of footwear is planned to launch in sports and shoe specialty stores by Fall 2022.

About Etonic
Founded in 1876 and re-branded as Etonic in 1976, Etonic has an established brand heritage in all areas of athletic and casual footwear. Long recognized as a leader in product performance and innovation and known by industry consumers for its "First One There," motto, Etonic continues to develop new ways to help athletes feel and perform better.

About Genesco Inc.
Genesco Inc., a Nashville-based specialty retail and branded company, sells footwear and accessories in more than 1,430 retail stores throughout the U.S., Canada, the United Kingdom and the Republic of Ireland, principally under the names Journeys, Journeys Kidz, Little Burgundy, Schuh, Schuh Kids, Johnston & Murphy, and on internet websites www.journeys.com, www.journeyskidz.com, www.journeys.ca, www.littleburgundyshoes.com, www.schuh.co.uk, www.johnstonmurphy.com, www.johnstonmurphy.ca, www.nashvilleshoewarehouse.com, and www.dockersshoes.com. In addition, Genesco sells footwear at wholesale under its Johnston & Murphy brand, the licensed Levi's brand, the licensed Dockers brand, the licensed Bass brand, and other brands. Genesco is committed to progress in its diversity, equity and inclusion efforts, and the Company's environmental, social and governance stewardship. For more information on Genesco and its operating divisions, please visit www.genesco.com.

View original content:https://www.prnewswire.com/news-releases/genesco-inc-signs-us-license-for-etonic-footwear-301444717.html

SOURCE Genesco Inc.

FAQ

What is the recent licensing agreement involving Genesco Inc. (GCO)?

Genesco has signed a three-year licensing agreement with Etonic to be its exclusive U.S. and Canadian footwear licensee.

How long can the licensing agreement between Genesco and Etonic be extended?

The agreement includes two renewal options, which can extend the partnership through January 31, 2030.

What products will Genesco be designing under the Etonic brand?

Genesco will design and manufacture Etonic brand lifestyle footwear for men, women, and kids.

When is the new Etonic footwear line expected to launch?

The new Etonic footwear line is planned to launch in Fall 2022.

What are the price ranges for Etonic footwear designed by Genesco?

Etonic footwear will have suggested retail prices ranging from $50 to $110.