Hidefumi Hommyo got an unusual start in the sneaker business.
A native of Japan who became acquainted with the US while studying at Temple University in Philadelphia, Hommyo realized sneakers that were rare in Japan could be found easily, and cheaply, in the US. He made trips up and down the east coast in the mid-1990s, scouring basements and garages for shoes such as the original Nike Air Jordan 1 from 1985 or the Nike Air Force 1 from 1982. He would buy them for just $15 or $20 a pair, he recalled on a podcast last year, and sell them for $400 at his stores in Japan, where streetwear and sneaker fandom were starting to take off.
Hommyo caught Nike’s notice, and when he opened his next shop, atmos, as a traditional retailer in the backstreets of Tokyo’s Harajuku neighborhood in 2000, Nike was his first vendor. Since, atmos has built a global profile among sneaker fans, largely with its sought-after collaborations with sneaker makers. It now has 49 stores, including 10 outside Japan in cities such as New York, and a substantial digital business.
Its success has attracted another big name in sneakers: Foot Locker today announced it is acquiring atmos for $360 million.
The purchase gives Foot Locker a “strategic foothold in Japan,” the company said, a market it estimates to be worth $6 billion. Atmos, focused on a niche of young, discerning shoppers, owns just a slice of that. Its sales last year were approximately $175 million, according to the announcement. But the deal still helps Foot Locker expand in the fast-growing Asian market, and further into the premium end of sneakers and streetwear.
