It's the kind of collaboration that makes you wonder, "Why didn't I think of that before?" In a move that challenges Nike's cutting edge sneaker technology, Skechers (NYSE:SKX) announced a deal with Goodyear Tire and Rubber Company (NASDAQ:GT) to develop innovative, durable, lightweight sole technology for its sneakers.
Skechers president Michael Greenberg said "This collaboration is an example of two trusted brands coming together to create a high-tech product that will truly benefit our consumer."
Sneakers that act like tires
The shoes will have similar benefits as good quality tires, including strong grip in any weather and outstanding traction.
The Goodyear Performace Outsoles were piloted on three styles from Skechers' GO RUN line of running shoes and will be expanded to other collections for men, women and kids. The company plans to use them in walking shoes as well as work and lifestyle shoes in addition to fitness footwear.
Why it's good for Skechers
Skechers has been on a winning streak of late having crushed earnings in the fourth quarter and scooping up a host of awards for its performance footwear. The GO RUN Razor 3 Hyper performance shoe recently got a nod from Runner's World as editor's choice for best new running shoe.
Working with Goodyear kicks the company's performance shoes up a notch as Skechers moves toward better shoes with more competitive technology.
Why it's good for Goodyear
Goodyear's had a tough year with global challenges and impact from the COVID-19 coronavirus. Although it won't make up a significant piece of the tire maker's business, it's a new direction to take its business and see where it goes.