Three tiers will be offered that deliver new pairs quarterly, bi-monthly, or monthly each year.
"Twice a year we'll send you a pre-paid shoe bag that you can fill with any shoe from any brand and ship it back to us", said Cobban.
Nike Adventure Club is a key initiative for the company.
"We see Nike Adventure Club sits as having a unique place within Nike, and not just for it being the first sneaker club for kids", Dave Cobban, vice president of the Nike Adventure Club, said in a statement.
It is Nike's latest plan to keep shoppers coming back to its brands as it struggles with strong competition from Adidas in its US home market and a resurgence in retro brands like Fila and Reebok.
According to a Nike press release, "The experience of shoe-shopping for young kids is deceptively complex". Nike says that you'll save $10 per pair on that highest tier, but any way you want to frame it, that's a lot of shoes.More news: Sydney stabbing: Watch the moment knife-wielding man is restrained by public
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Nike has officially unveiled the Adventure Club, which is a new subscription service that allows parents to swap out their kids Nike or Converse shoes for new ones as their feet grow. "We understand the challenges of growing kids and wanted to provide a solution that wasn't available in the market for kid's shoes that families would find easy and convenient". Along with new sneakers, each box will also come packaged with a special activity guide boasting special illustrations and games.
This new adventure club removes the hassle of shopping for parents and invites kids to start an adventure.
Nike on Monday introduced its first footwear subscription service for children. Nike said it plans to donate or recycle the returned pair. It is also collaborating with KaBoom, a national nonprofit focused on giving kids of all backgrounds the opportunity to play.
CNBC suggested Nike could be developing a subscription service for runners, as well as sneaker junkies clamoring for the latest from Nike.
For better or for worse, the subscription model has forever changed retail.