Everlast and Michelin to develop footwear

By: Kira Bindrim, Crain News Service

Everlast Worldwide Inc. has signed a worldwide licensing agreement with Michelin Lifestyle to create a line of specialised footwear for professional boxing.

Scheduled to debut at sporting goods stores in the US and online retailers in the spring of 2008, the shoes will feature patented tread technology inspired by Michelin's HydroEdge tyre. They include soles made of a rubber compound that supposedly channels liquid away from the shoe for increased traction.

Michelin marks the second major footwear deal in as many years for Everlast, which signed an agreement with footwear marketer ES Originals last June. Michelin also announced a North American footwear deal earlier this week. The new footwear mimics the tread pattern of Michelin's recently-launched Primacy MXV4 passenger tyre.

The agreement comes just days after a potential Everlast buyout by The Hidary Group. The Manhattan-based investment group made a $146 million, or $26.50 per share, offer to take Everlast private earlier this month. The bid has been challenged by Everlast shareholder Aquamarine Capital Management, who says the price is too low.

From Crain's New York Business (A Crain publication)

Press release from Everlast