Foot Locker reinforces diversification strategy with Rocketsof Awesome’s investment

New York - Foot Locker (FL) is one of the financial backers of online kids clothing store Rockets of Awesome. The athletic apparel company has reportedly invested about 12.5 million dollars during a funding round last February.

As highlighted by ‘Seeking Alpha’ earlier this week, as part of a strategic partnership, Rockets of Awesome will set up shop in some Kids Foot Locker stores and will become the largest retailer of Rockets of Awesome's line of clothing in the U.S.

"As part of our mission to inspire and empower kids and parents alike, we are investing in new and innovative companies like Rockets of Awesome that elevate the customer journey through inspired storytelling and unique experiences both on- and offline," said in a corporate announcement Foot Locker strategy exec Scott Martin.

With this investment, Foot Locker expects to tap – through Rockets of Awesome – into the global children’s apparel market, expected to reach 339 billion dollars by 2024.

Launched in 2016 by serial entrepreneur Rachel Blumenthal, Rockets of Awesome is an online kids clothing subscription service and e-commerce site offering junior fashion designed by an in-house team of fashion industry veterans, with prints and graphics meant to be mixed and matched a zillion different ways. The clothes can be purchased online, or a box of eight handpicked pieces can be sent straight to the customer each month through its subscription service.