The latest edition of Under Armour’s sneaker collaboration with wrestling and film star Dwayne “The Rock” Johnson sold out almost immediately, according to an equity research firm.
Continue Reading Below
The “Project Rock 1” sneaker was released online and at select store locations in limited quantities on May 28 and was out of stock in just 30 minutes, according to an Instinet research note. The training shoe costs $120 and features a red, white and blue colorway in honor of U.S. servicemen and women.
Under Armour says the shoe has a “breathable, compression-like fit” and is designed for increased ankle support and durability. The “Project Rock 1” is set to be restocked on June 28.
“We believe that the limited availability (and subsequent restocking) is part of the company’s plan for managing the franchise to generate buzz and promote a ‘call to action’ and represents a positive for brand equity,” Instinet analysts wrote in a research note.
Under Armour shares rose more than 3.5% in trading Tuesday and are up more than 50% so far this year. The company’s stock spiked Monday after Stifel raised its price target for the apparel brand, citing improvements to the efficiency of Under Armour’s product chain.
The Maryland-based brand has rebounded this year after struggling throughout 2017. Under Armour has faced intense competition from Nike and Adidas in North America, as well as shifting consumer preferences in the footwear space.
The Rock has endorsed his own line of Under Armour products since January 2016. The agreement calls for Johnson to work with Under Armour on footwear, apparel and accessory releases, including training shoes and duffel bags.