The present invention provides a wraparound lacing system for use in all manner of footwear. The lacing system includes a lace which encircles the upper and midsole of the article of footwear in a spiral, helical, coiled or similar wound wraparound pattern. The upper includes finger members which independently adjust to the contours of the wearer's foot while providing a snug and secure fit. The upper and midsole are integrally formed as a unitary structure. The housing of the upper and the midsole includes channels therein which receive the wraparound lace. The lace can be affixed at one or both ends to the midsole or to the upper. Removable lace end keepers on the upper permit the user to adjust the length of the lace. Siping and/or elongated, raised ridge members may be positioned along the bottom surface of the outsole for enhanced traction on wet surfaces.