Footwear Insight

W estward Partners, which has been investing in privately held Northwest U.S. companies since 2010, acquired a majority stake in employee-owned Superfeet last month. Superfeet's senior manage- ment team will remain as the company moves forward with approximately 120 total employees. The employee owners are being allowed to re-invest their earnings back into the company and many are choosing to do so, according to Eric Hayes, Superfeet's Chief Marketing Officer. Financial terms of the transaction for the Ferndale, WA company, which was founded in 1977, were not disclosed. Westward and Superfeet intend to leverage each other's strengths to expand the availability of Superfeet shape and personalization technology to more consumers through current and new distribution channels. The company is set to launch a new product for the running community in August. "To prepare for the aggressive growth we have planned, Westward Partners' investment will be a key factor in our plans and execution," commented Hayes, who said Westward is a financial partner, not a management partner. "This includes the realization of our mission to be the life-changing shape under every foot, and will include channel expansion, partnership expansion, and international expansion." One specific growth area for Superfeet will be New Balance's "shaped by Superfeet" insoles that launched in 2020. Additionally, look for Westward to pump investment dollars into the brand's expansion strategies for European and Asian markets. The company intends to expand its consumer base by 40 percent over the next five years. "The international market is steps ahead of the U.S. in terms of the adoption of technology — and Superfeeet already has the proven technology for them to adopt," Hayes said. In 2020, helped by a spike in outdoor participation, Superfeet realized 20 percent topline growth, a percentage it intends to replicate this year. "We've found that insole consumers are typically looking to achieve one of three things: enhancing comfort, eliminating pain and boosting performance," commented Hayes. "We have done a lot of great work and have wins in the performance category. Pain relief is the more traditional consumer group…where Superfeet has been known to excel. Comfort is our largest opportunity, and to date, our least serviced. Providing our consumers with step-in comfort will be a major growth area for us moving forward." n footwearinsight.com July/August 2021 ~ Footwear Insight • 15 Superfeet Gets Supercharged Eric Hayes Superfeet CMO "The international market is steps ahead of the U.S. in terms of the adoption of technology — and Superfeeet already has the proven technology for them to adopt." ©2019 North American Bancard is a registered ISO of Wells Fargo Bank, N.A., Concord, CA, and The Bancorp Bank, Philadelphia, PA. American Express may require separate approval. *Durbin regulated Check Card percentage rate. A per transaction fee will also apply. **Some restrictions apply. This advertisement is sponsored by an ISO of North American Bancard. Apple Pay is a trademark of Apple Inc. GROW YOUR BUSINESS. 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