15 July 2024, Mumbai
Footwear retailer Metro Brands (MBL) plans to open theinaugural Foot Locker store in an upscale mall in Delhi in October this year.
MBL has signed a multi-decade licensing agreement with the US-based athletic shoes and apparel retailer Foot Locker to open two to six stores in two to three cities within the current fiscal year.
The brand’s stores in India will typically range from 3,000 sqft to 5,000 sq ft. The first store will be based on the 'store of the future,' concept introduced in April this year.
Based on customer insights, this concept focuses on a bold storefront, a distinct in-store environment, expanded footwear and accessory selections, sustainability, dynamic digital fixtures, and other technological advancements. Additionally, the concept also equips Foot Locker’s sneaker ambassadors, known as Stripers with high-tech tools to enhance customer service.
MBL has also partnered with Nykaa Fashion to sell online in India. This exclusive partnership provides MBL with an access to various premium international brands, which it plans to selectively introduce in the Indian market, considering factors like climate conditions and regional preferences.
AnkurBisen, Senior Partner & Head – Consumer, Food & Retail at Technopak Advisors, notes, MBL’spartnership with Foot Locker enables the company gain a larger share of the casual footwear market.
Projected to expand by 7.85 per cent from 2024-29, the sneakers market is India is expected to reach a volume of $48.77 million by 2029, according to Statista. MBL's deep knowledge of the Indian market willhelp Foot Locker navigate the complexities of a diverse market, adds Bisen.
From Rs 68.74 crore during the corresponding quarter of the previous fiscal year, MBL’s profit roseby 126.3 per cent to Rs 155.57 crore inQ4, FY24.
During the quarter, MBL also extended its agreement with Crocs India to exclusively operate and own Crocs stores across western and southern states in India, as well as continue, renew, and operate existing stores in northern and eastern India.
As of March 31, 2024, MBL operated 836 stores in 193 cities across 31 Indian states and Union territories.
