Foot Locker, Inc., the New York-based specialty athletic retailer, announced the signing of a long-term licensing agreement with Metro Brands Limited (MBL), one of India’s footwear and accessories specialty retailers, and Nykaa Fashion, one of India’s curation-led fashion and lifestyle destinations. This partnership will offer a comprehensive selection of global sportswear and footwear to sneaker fans in India.
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.
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. In this light, MBL and Nykaa Fashion are poised to capitalize on India’s growing sneaker demand and fashion industry.
Mary Dillon, president and CEO at Foot Locker, Inc, said, “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. 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.”
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. All of this with the same ease of discovery, platform comfort and seamlessness that has become synonymous with Nykaa Fashion and is expected by our discerning base of customers.”