TOPEKA, Kan. (AFX) - Payless ShoeSource Inc. and Exeter Brands Group, a subsidiary of Nike Inc., said Tuesday they will jointly launch a new brand of athletic shoes for women.
Financial terms were not disclosed.
The Tailwind brand is designed to combine contemporary fashion appeal with technical performance, the companies said.
Product is expected to retail initially at under $35 and will be available at Payless' stores and Web site beginning in spring 2007.
Under the terms of the multi-year deal, Exeter will design and produce the shoes, while Payless will serve as the exclusive retailer.
Payless shares added 18 cents to close at $28.31 on the New York Stock Exchange.
Nike shares rose 24 cents to end at $96.58 on the NYSE.
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