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Specialty athletic retailer Foot Locker has announced that through FY21 year-end, it has funded nearly $54 million in investments and partnerships geared towards economic and educational opportunities in the Black community. Launched in June 2020, the Leading Education & Economic Development (LEED) Initiative is the company’s $200 million commitment to the Black community.
This includes expanding programming to uplift Black students and employees and operationalising the company’s approach to elevating and working with Black vendors, community non-profits, creators and professional service partners, the company said in a media release.
New York-based specialty athletic retailer Foot Locker has announced that through FY21 year-end, it has funded nearly $54 million in investments and partnerships geared towards economic and educational opportunities in the Black community. Launched in June 2020, the LEED Initiative is the company’s $200 million commitment to the Black community.
“Our commitment to the Black community goes beyond words and is part of how we do business,” said Richard Johnson, chairman and CEO, Foot Locker, Inc. “Through strategic investments, community partnerships, and opportunities that empower, we are taking actionable steps to drive meaningful and lasting change both within our organisation and in the communities we serve.”
The company has invested more than $17 million in Black-owned brands, as it diversified its assortment mix and offered consumers more options. In the two years since it announced LEED, it has invited and empowered Black-owned brands including Pro Standard, Don C, Abeille Creations, Grady Baby Company & Apparel, and Clan de Banlieue, among others to join the Foot Locker, Inc. ecosystem.
Foot Locker has committed about $21 million to seven Black-led VC firms and more than $10.8 million in partnerships with Black-owned vendors for key services and supplies. It has also trained 160 creatives through the Designing with Sole initiative, a global intensive design programme built in partnership with Pensole and New Balance that creates opportunity for underrepresented voices in the footwear industry.
Additionally, through the Foot Locker Foundation Community Empowerment Program, developed in partnership with the Local Initiatives Support Corporation (LISC) and Laureus Sport for Good, it awarded 25 community organisations between $20,000 and $100,000 each to provide programming that advances health, wealth, and upward mobility in under-invested communities. These programmes serve an estimated 11,000 youth ages 4 to 24 in 19 cities across six countries. The company also expanded support to UNCF, increasing scholarships to Black students.
The company offers an additional $50,000 in scholarship funding per year for Black team members, created a Bridge Internship programme, which creates pathways to corporate office roles for store team members, and launched a financial literacy programme in partnership with the Society for Financial Education and Professional Development (SFEPD), to teach personal money concepts.
Fibre2Fashion News Desk (KD)
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