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Payless-Nike Shoe Pact

They'll launch a new line of sneakers.

Specialty shoes retailer

Payless ShoeSource

(PSS)

said Tuesday it signed a joint venture with

Exeter Brands Group

, a subsidiary of

Nike

(NKE) - Get Free Report

.

The Topeka, Kan.-based company said that Exeter would design and produce a range of women's athletic shoes that the company says would combine fashion and high performance. The new range branded Tailwind would be marketed exclusively through Payless retail outlets.

The Tailwind brand will launch with six women's styles featuring innovative cushioning gel and support technologies designed by Exeter designers in collaboration with the Nike sports research lab, the company said.

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