On Wednesday, Foot Locker announced the establishment of a long-term licensing agreement with Metro Brands Limited (MBL) and Nykaa Fashion.
“This partnership will offer the most comprehensive selection of global sportswear and footwear to sneaker fans in India,” said the New York-based speciality athletic retailer in a statement.
As per a report, the sneaker segment in India is expected to achieve a volume of 66 million pairs by 2028. This sector is undergoing substantial growth, driven by consumers’ interest in distinctive designs that fuse traditional Indian elements with contemporary trends.
As per the agreements’ stipulations, MBL is given exclusive privileges to manage and own Foot Locker stores in India, along with the authority to vend authorized merchandise within these stores. Nykaa Fashion, on the other hand, will act as the exclusive e-commerce collaborator, overseeing the operation of Foot Locker’s India website and retailing authorized merchandise through a dedicated Foot Locker branded shop on Nykaa’s existing eCommerce platforms.
“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. Combining a strong understanding of the Indian consumer with Metro Brand’s extensive and well-established store operational excellence and Nykaa Fashion’s leading digital capabilities will allow us to bring the full Foot Locker experience and truly win over the hearts and minds of local sneakerheads,” said Mary Dillon, President and CEO at Foot Locker.
“The partnership help us pave the way in revolutionizing the sneaker market, enhancing the retail experience, and meeting dynamic needs of our customers,” said Nissan Joseph, CEO, Metro Brands.