US footwear and sportswear retailer Foot Locker Inc on Wednesday (November 29) said it has signed a long-term licensing agreement with footwear retail chain Metro Brands Ltd (MBL) and online beauty and fashion e-commerce major Nykaa Fashion.

Under the terms of the agreements, MBL is granted exclusive rights to own and operate Foot Locker stores within India and to sell authorised merchandise in these stores.

Nykaa Fashion will serve as the exclusive e-commerce partner and operate Foot Locker's India website and retail authorised merchandise on Foot Locker branded shop on Nykaa’s existing e-commerce platforms.

A global leader and originator of sneaker culture, Foot Locker has undeniably established itself as a brand that fuels passion for self-expression and creates unrivalled experiences at the heart of the global sneaker community, led by its knowledgeable and passionate Stripers.

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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.

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 omni-channel strength of our partners, we are uniquely positioned to appeal to the rapidly growing Indian market."

Nissan Joseph, CEO of Metro Brands, said, "At Metro Brands, our vision is to bring the finest global brands to India and cater to the complete shoe wardrobe of our customers. This partnership is a big step in that direction."

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Adwaita Nayar, Co-Founder of Nykaa, and CEO of Nykaa Fashion said, "With our partnership with Foot Locker, we are excited to bring the world's best sneaker brands and styles to feed an exploding sneaker culture in India."

Shares of Metro Brands Ltd ended at ₹1,326.85, up by ₹27.10, or 2.09%, and shares of FSN E-Commerce Ventures Ltd ended at ₹172.10, up by ₹2.80, or 1.65%, on the BSE.

(Edited by : Shoma Bhattacharjee)

First Published:Nov 29, 2023 6:20 PM IST