Foot Locker on Wednesday announced the signing 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.
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.
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. Nykaa Fashion will serve as the exclusive e-commerce partner and operate Foot Locker's India website and retail authorized merchandise on 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.