Metro Brands Limited (MBL) has obtained a multi-decade licensing deal with US-based athletic footwear and apparel retailer Foot Locker to launch between two to six stores across two to three cities within this fiscal year. Such stores, ranging from 3,000 to 5,000 square feet, will unveil the ‘store of the future’ concept launched in April, highlighting bold storefronts, exclusive in-store environments, growing footwear and accessory offerings, sustainability features, active digital fixtures, and advanced technology to improve customer service via Foot Locker’s sneaker ambassadors, known as Stripers.
Furthermore, MBL has collaborated with Nykaa Fashion for exclusive online sales in India, gaining entry to a range of premium international brands adapted to local climate conditions and preferences. Ankur Bisen, Senior Partner & Head of Consumer, Food & Retail at Technopak Advisors, emphasises that MBL’s partnership with Foot Locker positions the company to capture a major portion of the casual footwear market in India.
As per Statista, India’s sneakers market is predicted to grow by 7.85 per cent from 2024 to 2029, attaining a volume of $48.77 million by the latter year. Bisen further notes that MBL’s profound understanding of the Indian market will aid Foot Locker in navigating its complexities.
MBL accounted for a 126.3 per cent increase in profit, growing from Rs. 68.74 crore in the corresponding quarter of the last fiscal year to Rs. 155.57 crore in Q4 FY ’24. Throughout this period, MBL also extended its exclusive agreement with Crocs India to run and own Crocs stores across western and southern India, while continuing to supervise existing stores in northern and eastern regions.
As of 31st March 2024, MBL managed 836 stores across 193 cities in 31 Indian states and Union territories.
