New Delhi: Foot Locker, the New York-based specialty athletic retailer, on Wednesday, has announced the signing of a long-term licensing agreement with Metro Brands Limited (MBL), a footwear and accessories specialty retailer, and Nykaa Fashion, a cosmetics-to-fashion retailer, according to a media release.
Under the terms of the agreements, MBL is granted exclusive rights to own and operate Foot Locker stores within India and to sell authorized merchandise in Foot Locker stores whereas Nykaa Fashion will serve as the e-commerce partner and operate Foot Locker’s India website and retail authorized merchandise on Foot Locker branded shop on Nykaa’s existing e-commerce platforms.
Mary Dillon, President and CEO at Foot Locker Inc., said, “The passion for sneakers in this market is tremendous, and we believe that with the combined omnichannel strength of our partners, we are uniquely positioned to appeal to the rapidly growing Indian market.”
According to a report, the volume of the sneaker segment in India is projected to reach 66 million pairs by 2028. The sneaker segment is experiencing rapid growth in the country, with consumers seeking out unique designs that blend traditional Indian elements with modern trends.
Nissan Joseph, CEO, Metro Brands Limited, said, “At Metro Brands, our vision is to bring the finest global brands to India and cater to the complete shoe wardrobe of our customer. This partnership is a big step in that direction. It will also help us pave the way in revolutionizing the sneaker market, enhancing the retail experience, and meeting dynamic needs of our customers.”
Adwaita Nayar, Co-Founder of Nykaa, and CEO Nykaa Fashion said, “Nykaa Fashion has been at the forefront of bringing the most stylish and relevant curations and brands to Indian shoppers- from Global cult favourites to local hidden gems. Now, with our partnership with Footlocker, we are excited to bring the world’s best sneaker brands and styles to feed an exploding sneaker culture in India.”
