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Good morning, friends! Happy Friday! Welcome back to the Kicks You Wear. Thanks so much for reading the newsletter today. Appreciate a bit of your time.
Here’s to an awesome weekend. Hope you’ve got some great plans ahead. After a few busy weekends in a row for me, I’m hoping this one will be a bit more chill.
HOUSEKEEPING: The homie Priya Rao has a new newsletter! Go subscribe to Full Coverage, our briefing on the beauty business. In her first send, Priya chats with two high-level Sephora executives on their 16 (!!!!!!) new beauty line launches for the fall. Fun stuff! Check it out and subscribe here if you haven’t already.
With that out of the way, let’s get to business.
A Family Reunion?
You know it’s a weird week in the footwear industry when people are legitimately discussing the possibility of Adidas and Puma being a thing again.
What happened: Puma’s stock jumped by as much as 20 percent this week following speculation that the company might merge with Adidas. If you’re thinking that this all sounds a bit too good to be true, you’re probably right.
It all stems from an interview with a Puma investor.
- Roy Adams, the co-founder of investment firm Metronuclear, spoke to German business paper Handelsblatt about Puma last week.
- Adams said the brand is in a “state of emergency” and that a “merger with Adidas is the best option” if management can’t turn things around.
I reached out to both Puma and Adams for further details and clarification about the former’s comments. Puma declined to comment and Adams did not respond to a request for an interview.
Without any further comment from Puma, it’s hard to see Adams’ comments as anything more than conjecture. But, considering the brand’s current status, you can’t help but leave space to think that maybe there’s something to it.
Where things stand: Puma has had some recent wins, but the brand’s short-term outlook isn’t great. There was talk of the Pinault family selling its 29 percent stake in the brand in August. They’ve backed away from that since then, but the potential for it to happen further down the line is still there.
Surely, there’d be plenty of prospective buyers for the brand. I’m just personally unsure that Adidas would be one of them.
Be smart: This isn’t a small brand we’re talking about, folks. Puma isn’t Nike or Adidas, but it’s still one of the largest footwear sportswear companies in the world. Its market cap currently sits at $3.4 billion. We’re talking at least that, plus things like buyouts and debts.
Could Adidas get it done? Maybe. The brand is in a financially solid position these days. Does that mean it’d want to acquire one of its biggest competitors? Recent history tells us not necessarily.
- Adidas recently sold Reebok in 2022 after struggling to turn the company around following its downturn, which was sparked by the COVID-19 pandemic.
The other side: Reebok and Puma aren’t the same. Puma would be a more valuable asset. While it isn’t growing as the company would like, it remains a profitable brand. And considering the history between Puma, Adidas and the Dassler family feud, it’d honestly be interesting to see the beef get squashed here.
Yes, but: I don’t think I’d hold my breath on this one.
Thoughts on ALD x TNF
The North Face’s newest collection with Aimé Leon Dore is one of the most anticipated collabs in the streetwear space of 2025.
The Business of Fashion’s Lei Takanashi got to take a look at the collection for the first time ahead of its public release. He was kind enough to share his thoughts with us for the newsletter. You can read them below.
The North Face has released an innumerable amount of collaborations with everyone from Gucci to KAWS since releasing its first fashion collaborations in 2007.
But what makes TNF collaborations with New York-based brands like Aimé Leon Dore so special is the outdoor brand’s organic connection with streetwear consumers in the Big Apple that goes back for decades.
Long before joining BoF, I’ve reported on these enthusiasts and the TNF products that resonated with them the most. I won’t dive too deep into this lore since I’ve penned enough long-reads on why New Yorkers are obsessed with outerwear such as the Mountain Jacket. But what I will share is that TNF’s first collaboration with Aimé Leon Dore can certainly go toe-to-toe against the 40+ seasonal collabs TNF released with its most significant New York City brand partner before ALD — Supreme.
Similar to the New York City streetwear titan that was sold by TNF’s owner, VF Corp., to EssilorLuxottica last year, ALD makes for a great brand partner because they have this nuanced understanding of the outdoor label’s subcultural lifestyle customer. You know, that guy who wears a Nuptse puffer with Timbs because ‘90s New York rappers like Nas or Big L are their biggest style muses.
And that “IYKYK” lever that’s pulled for TNF’s best collabs is rife throughout the marketing and product in ALD x TNF’s first collaboration. A teaser ad they dropped for the collaboration this week features a cameo by Scot Schmidt, the pioneering freeskier who created the popular Steep Tech skiwear line that was embraced by ‘90s New York graffiti writers. Likewise, a color palette true to that era covers key items such as a Nuptse jacket crafted out of Casentino wool and the first-ever all-nylon Denali.
When feeling both of these pieces at a press preview, I felt and resonated with the luxurious proposition being offered. It felt like a piece a true TNF-head and luxury consumer would consider buying. However, with everyone tightening their wallets these days, shelling out $395-$795 without tax for a Denali or Nuptse feels like a tough sell—especially when younger customers are likely buying vintage ones anyway.
Gymshark’s Dive Into Footwear
In news that I’ll admit surprised me a bit, Gymshark seems to have successfully jumped into footwear with its latest collaboration.
The news: The British fitness brand partnered with performance footwear brand R.A.D. to launch two new styles — the R.A.D One V2 and the R-1.
- The sneakers come in those muted Gymshark color palettes that we’re used to.
- The footwear collection launched last week, retailing at $140, with both an early access sale and a general release.
- The early access sale sold out in 40 minutes, a Gymshark spokesperson said. The wide release was sold out within an hour.
Generally, I don’t think too much about how long it takes a product to sell through. Especially not with collaborations like this one.
- Companies can manufacture their own sellouts by shortening supply after hyping up demand for a product among niche consumers.
Yes, but: Gymshark is a company that has centered itself around performance apparel — not footwear. Its biggest drivers are its gym essentials like sports bras, tees, shorts and more. For a footwear release to sell through for the company is a bit unusual, even if the product might be in short supply.
The big picture: It’s a good time to get into performance footwear. Footwear sales declined in the first half of 2025 in the U.S. footwear industry, according to retail tracking data from Circana, but performance running and cross-training footwear saw sales increase by seven percent and nine percent, respectively.
There is a bigger opportunity here for deeper expansion in the category for Gymshark if it wants to take it.
Angel Reese Works
If there were ever any questions about whether WNBA star Angel Reese could sell a shoe, they’ve been answered.
The latest: Reese’s signature Angel Reese 1 with Reebok was released publicly for the first time on Thursday.
- The shoe dropped in three different colorways — Mebounds (pink), Diamond Dust (white), and Receipts Ready (black and white).
- Each pair sold at retail for $120.
What happened: The pairs sold out completely. They’re not even available on Reebok’s site anymore. There were only a handful of sizes left after about 30 minutes following the online release.
Why this matters: When was the last time we saw people this enthusiastic about a Reebok sneaker? This doesn’t happen. It hasn’t in years. And this is a basketball sneaker we’re talking about.
No matter what way you cut it, this is impressive. People have legitimate questions about Reebok and what the brand’s future looks like under the Authentic playbook. But it seems clear the brand has found something that works extremely well in Angel Reese.
Can’t wait to see how this gets built out down the line.
#TheKicksWeWear
This is the community section of the newsletter where you (Yes, you!!!!) send me your best fits and kicks from the week. Feel free to send submissions to michael.sykes@businessoffashion.com or shoot me a message via social channels @MikeDSykes
LET’S GET IT POPPIN, GANG.
First, the homie Mark got us popping with these AJ1s. Gotta protect those ankles lol.
The homie Storm came through with all the heat. Two pairs of Book 1s and the Salehe New Balance 1000s. I think I’m being influenced, guys.
The homie Andrew popped out with these incredible Salomon joints. Fire.
Then my guy Rick Dubb took us home with these INCREDIBLE shots of the new Salehe joints. I really might have to get me a pair of these, man.
Great stuff, guys. Great stuff.
Thanks for reading, gang! Hope you enjoyed today’s send. Have a great weekend.
If you have any questions, comments or concerns, reach out to me via email at michael.sykes@businessoffashion.com or shoot me a message @MikeDSykes via socials.
Peace and love. Be safe, be easy, be kind. We out.
-Sykes 💯