Shoe Carnival's Big Buy

Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.

Shoe Carnival buys a work and family footwear retailer, On names a head of Africa and Foot Locker announces a new year-long basketball program with Nike and Jordan Brand.

Here's what you need to know.

Shoe Carnival Snaps Up Work and Family Footwear Retailer Rogan’s Shoes for $45 Million

Shoe Carnival is expanding its retail network with the $45 million acquisition of Rogan’s Shoes, a 53-year-old work and family footwear company with 28 locations across Wisconsin, Minnesota, and Illinois.

According to Shoe Carnival, the acquisition was funded with cash flow generated in fiscal 2023 and is expected to be immediately accretive to the company’s fiscal 2024 earnings. The company also expects to generate approximately $84 million in sales and approximately $10 million in operating income, excluding transaction and integration costs next year.

Big picture: Shoe Carnival said this buy advances its strategy to be the nation’s leading family footwear retailer. This includes immediately positioning the company as the market leader in Wisconsin, and it establishes a store base in Minnesota, creating additional expansion opportunities. Following the integration of the acquisition into the company’s Shoe Station growth banner, which it acquired in 2021 for $67 million, the combined banner sales are expected to surpass $200 million by fiscal 2025.

Exclusive: On Taps Kenyan Running Brand Founder as New Head of Africa

On has tapped Navalayo Osembo as its new head of Africa as the running shoe and apparel brand looks to expand its presence across the continent.

Osembo joins the Swiss running company after recently announcing her decision to sell Enda Athletic, the Kenya-based running shoe brand she co-founded in 2017. The entrepreneur and CEO announced late last month that she sold the brand, which was Africa’s first performance footwear brand, to footwear and apparel development group NVH Studios, which also owns Brazilian luxury shoe brand Zeferino.

In the newly created role, Osembo will focus on building On’s Africa business, developing relationships athletes in the region and working with On’s social impact program, Right to Run.

Osembo started her role in January and reports to Bianca Pestalozzi, On’s general manager of EMEA. Osembo is currently based in New York and is working with the team to determine the best location to move to within a year or so.

As for why On was the right choice for her, Osembo was drawn to the brand’s strong culture, as well as its approach to business building in Africa, which she said aligned with her own vision and values.

Foot Locker Announces Year-Long Program With Nike and Jordan for In-Person Basketball Activations

Foot Locker has announced a new year-long basketball program with Nike and Jordan Brand that will leverage their athletes for events, clinics, social media content and more.

Dubbed The Clinic, the program will kick off this weekend at the 2024 NBA All-Star Game in Indianapolis with an “experience” featuring rookie phenom Victor Wembanyama and budding star Paolo Banchero.

Several tentpole moments will then follow throughout the year, as Foot Locker uses the program to celebrate the performance and culture of basketball through real-life basketball clinics, community events, interactive activations, high reach media, social media content and more.

Zoom out: Late last year, Foot Locker and the NBA entered into a new multiyear deal that makes the retailer one of the official marketing partners of the league in the U.S. The deal gives Foot Locker a major presence at events such as the All-Star Game while putting its branding in prominent spaces through virtual signage on the court and social media. Nike and Foot Locker also announced their “revitalized” relationship nearly a year ago featuring a focus on basketball, kids, and data sharing.

Need more shoe news?

• VF Names Caroline Brown to Board, Syncs Up with Activist
• Timberland Collaborations Over The Years: From Vans to Louis Vuitton
• Here’s Every Signature Sneaker Made for the 2024 NBA All-Star Game
• Martine Rose Takes Over Selfridges’ Corner Shop With Clarks

Got a tip? Send us a confidential note here.

Want more? Sign up here to receive FN's daily newsletter directly in your inbox.