Foot Locker participates in the subscription-based shopping service Rockets of Awesome – a startup that sends something like a "StitchFix for Kids" to home delivery by sending a personalized selection of children's clothing in seasonal boxes. The companies today announced that Foot Locker has acquired a $ 12.5 million minority stake in Launch Kids, Inc., dba's Rockets of Awesome, which is part of the start-up's larger C Series of $ 19.5 million Is dollars.
In the investment, the two companies will enter a partnership where Kids Foot Locker will develop exclusive Rockets of Awesome In-Store Destinations, where customers can purchase Rockets of Awesome products in the United States. It also sells Rockets of Awesome products on its kidsfootlocker.com website.
This is a notable addition to the children's clothing subscription service, which has focused on personalized boxing and ecommerce distribution, rather than store presence.
The idea for Rockets of Awesome is similar to other clothing services, especially StitchFix or Trunk Club for adults. But it is also similar to those aimed at children, such as Kidbox, which announced its own $ 1
Rockets of Awesome, which was founded in 2016, was first founded by founder Rachel Blumenthal, Cricket's Circle, mother herself (married to the co-founder of Warby Parker, Neil Blumenthal), initially focused on the construction of a shopping mall for new mothers. The feedback from users told her that parents still faced challenges in shopping for children as they passed the child seat and pram phase. Shopping for children in shops is often frustrating, and children are quick to get out of their clothes – which means last year's summer or winter clothing needs to be renewed next year.
This led to the founding of Rockets of Awesome. The service gives parents a quick quiz on the preferences of their children and sends out seasonal boxes with high quality but affordable clothing. Parents and children can then sort and return the clothes they do not want. In addition, parents can buy Rockets of Awesome clothing on their website.
Each box contains pieces ranging from $ 16 to $ 38, which is slightly higher than the rival Kidbox's – the entire box of Kidsbox with half a dozen pieces can be bought under $ 100. The deal from Rockets of Awesome costs "whole box" $ 150.
After using Rockets of Awesome and Kidbox personally, I found that the clothes of the former person were more expensive, yes, but also more trendy. For example, the interest in designs where the sequins change patterns, unicorns and female camouflage suits was quickly picked up.
Meanwhile, Kidbox – perhaps because it relies on existing brands Adidas, New Balance, Lucky Brand, and others filling in the boxes – seems to be providing more staple food. Both are valuable services in their own way. However, Rockets of Awesome currently has more traffic than Kidbox, according to SimilarWeb data, which indicates a higher website rank both in the US and worldwide.
Like others in the field, Rockets of Awesome uses technology Make data-driven decisions about product research and development – meaning that children and parents buy what the company sells, combined with elements of human editorial curation.
With the Foot Locker investment, Rockets of Awesome can scale its retail presence faster than if it were to try it on its own. And it will serve as a means to familiarize parents with the Rockets of Awesome brand.
Foot Locker not only benefits from the diversification of its in-store range, but also from the growing "Digital First" brand, a time when the way customers shop is changing. Foot Locker has continued to invest in digital firsts, including the sneaker marketplace GOAT, the luxury brand Carbon38 for women, the tactical gaming and lifestyle brand Super Heroic and the shoe design academy Pensole.
"Rockets of Awesome is pushing parents' businesses forward for their children. Foot Locker is also committed to evolving with the ever-changing retail landscape and adapting to the speed of our customers. We are delighted that our partnership with Rockets of Awesome will allow Kids Foot Locker to deliver new, innovative products and experiences, "said Richard Johnson, chairman and CEO of Foot Locker.
" We look forward to working with you with you. "Brand development, product collections, and market introduction plans designed to deliver additional growth for both companies."
However, Rockets of Awesome TechCrunch states that there are currently no plans for Foot Locker articles in the carton Locker's experience will be harnessed to expand its omnichannel distribution channels.
The next step will be to launch a dedicated experiential retail location in time for the start of the school.
Foot Locker offers 393 Kids Foot Locker locations in the US and Canada, but it was not said how many the Rockets of Awesome would offer store-in-store shopping experiences.
In addition to Foot Locker, the C-Series series included the participation of August Capital, Forerunner Ventures, General Catalyst, Gruenderfonds, Burda Principal Investments, ACM and Signalfire.The total financing of the company amounts to la ut Crunchbase to 49 million US dollars.