Under Armour’s The Rock shoes sell out in 30 minutes

It looks like Dwayne “The Rock” Johnson has another hit on his hands.

The Rock’s Project Rock 1 shoes from Under Armour Inc.  were released on May 28 in limited quantities through the company’s website and in Brand Houses across the country, and sold out in 30 minutes.

The shoe’s release coincided with the Memorial Day holiday. The red, white and blue color scheme is in honor of the nation’s service men and women, according to a press statement.

Priced at $120, the shoes include features like heel support for stability while lifting weights, as well as a top knit for a snug fit around the ankle and foot.

Under Armour will restock the shoes on June 28, which will be the global launch. Further details are yet to be announced.

“We like to think of Dwayne as our motivator of the masses,” said Adrienne Lofton, senior vice president of global brand management at Under Armour.

Under Armour announced its partnership with the movie star and former professional wrestler in 2016. The first items released were a backpack and duffel bag.

More recently, analysts expressed concern about high inventory levels after first-quarter earnings were announced, with fears that it could put margin pressure on Under Armour and hamper growth.

The popularity of the Project Rock 1 could be a sign of improvements to come.

“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,” wrote Instinet analysts led by Simeon Siegel.

On Monday, Stifel analysts raised their price target on Under Armour shares to $27 from $20 after discussions with the company.

“We are particularly encouraged by opportunities for gross margin improvement from both elimination of the liquidation burden and improved sourcing (SKU [stock keeping unit] rationalization, materials planning, factory consolidation, capacity planning, etc.),” Stifel wrote.

Stifel rates Under Armour shares buy.

Other fashion brands, like Tapestry Inc.’s Coach brand and Michael Kors Holdings Ltd. have taken steps to reduce distribution in order to maintain the prestige of the label. Analysts have praised the measures, though Tapestry shares are down nearly 4% for the past year while Michael Kors’ stock has soared more than 84% for the period.

The athletic space has also been undergoing a reorganization as companies like Sports Authority go bankrupt, reducing the number of retailers.

At the same time, companies like Nike Inc. and Adidas AG have boosted their direct-to-consumer efforts, both online and in stores.

In addition to The Rock’s new shoe, Under Armour also introduced a new Steph Curry basketball shoe on Pi Day, March 14. The latest version was priced at $130 and sold out online.

Under Armour shares are up 63.1% for the year to date, far outpacing the S&P 500 index which is up just 2.8% for the period.