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Foot Locker, a leading footwear and apparel retailer headquartered in New York, has finally entered the Indian market as the sneaker industry is experiencing rapid growth.
The company is able to sell its goods in India by signing an exclusive licensing deal with Nyakaa fashion and cosmetic firm and Metro Brands footwear retail firm based in Mumbai.
The Times of India reported that the American retailer that is known for its vast collection of sneaker brands will venture into India through collaboration with Nykaa Fashion and Metro Brands. They agreed to a long-term contract, and this was revealed via business filings of the Indian partners on Wednesday, Nov. 29.
Tapping Into the Indian Retail Segment
Foot Locker hopes that its arrival in the Indian market next year will give its brand a much wider global footprint. As per Reuters, the deal with local firms also comes at a time when the company is struggling with inflation and costs in the U.S.
Thus, with Metro Brands' more than 700 stores in India and Nykaa's broader market reach, Foot Locker is also looking to offset its losses in its home market. In a recent press release for its third quarter report, the company stated, "These agreements will enable Foot Locker to efficiently access the large and growing sneaker market in India, consistent with the Company's efforts to strategically pursue growth opportunities in new markets, expand sneaker culture globally and bring Foot Locker's elevated, multi-brand experiences and strong vendor partnerships to even more people around the world."
Partnership Arrangement
With the licensing deal, Metro Brands will be allowed exclusive rights to own and run Foot Locker stores in India. It can also sell branded products authorized by Foot Locker in the outlets.
On the other hand, Nykaa Fashion will become Foot Locker's exclusive online selling partner. It will operate the country's footwear and sportswear company's standalone website. The brand's products will also be sold on Nykaa's own e-commerce platforms.
Photo by: Foot Locker Newsroom
