Metro Brands recently launched its 800th store in India. The company sells a number of brands including Indian labels like Metro Shoes, Mochi and popular international choices like Crocs, FitFlop and Fila.
Foot Locker, Inc., the New York-based speciality athletic retailer, on November 29 announced the signing of a long-term licensing agreement with Metro Brands Limited (MBL) and 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 Foot Locker 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.
The company has said the volume of the sneaker segment in India is projected to reach 66 million pairs by 2028, citing an unnamed report. In this light, MBL and Nykaa Fashion are aiming to capitalise on India’s growing sneaker demand and fashion industry.
“We are thrilled to be partnering with Metro Brands and Nykaa Fashion to further elevate sneaker culture in India. 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,” said Mary Dillon, President and CEO at Foot Locker.
Nissan Joseph, CEO, Metro Brands Limited, said that the partnership will also help us pave the way in enhancing the retail experience, and meeting dynamic needs of our customers.”
Metro Brands recently launched its 800th store in India. The company sells a number of brands including Indian labels like Metro Shoes, Mochi and popular international choices like Crocs, FitFlop and Fila.
Earlier in the day, shares of Metro Brands ended up 2 percent to Rs 1326 while Nykaa rose 1.6 percent to Rs 172.
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