A Nike executive has confirmed that the company will buy footwear brand Naot Sandals.
Nike+ will be the exclusive brand of the brand that the global sneaker giant will open a new store in Japan, with the sale of shoes by the retailer expected to begin in the spring of 2019.
Naot Sandal, which has been a staple of Japanese footwear for nearly two decades, has been sold by the company for just over $400 million since 2012.
This will be Nike’s first global purchase of a footwear brand in the past decade, as it plans to enter the Japanese market with an existing store in the country.
The acquisition of the footwear brand, which launched in Japan in 2017, will see Naot, which also sells women’s footwear, expand its footprint in Japan to include more than 5,000 stores across Japan.
Nato, the United Nations agency that oversees peacekeeping and humanitarian missions in the Pacific, said in a statement on Thursday that it will “help ensure the sustainability of the sustainable use of natural resources in the future”.
Nato’s Peacekeepers International will oversee the purchase of the Naot sandal brand, but the organisation has said it has no plans to sell the shoes.