Foot Locker set for India entry, signs deal with Metro Brands, Nykaa (updated)

Fsn E-Commerce Ventures

29/11/2023 13:07

(Adds deal details in paragraphs 2 and 3)
       BENGALURU, Nov 29 (Reuters) - U.S. footwear and
sportswear retailer Foot Locker  FL.N  said on Wednesday it will
enter the Indian market in 2024 under a deal with Indian peer
Metro Brands  METB.NS  and cosmetics-to-fashion retailer Nykaa. 
    Metro Brands, which has over 700 stores across India, will
exclusively own and operate Foot Locker stores in the country,
selling offerings of the New York-based firm that retails
footwear brands including Nike  NKE.N  and Adidas  ADSGn.DE .
    Nykaa Fashion, owned by FSN E-Commerce Ventures  FSNE.NS ,
will operate Foot Locker's India website and also retail the
company's offerings on its own platform.
    "These agreements will enable Foot Locker to efficiently
access the large and growing sneaker market in India," the
company said in a statement, while forecasting a
smaller-than-expected decline in its fourth-quarter comparable
sales. 

 (Reporting by Hritam Mukherjee and Varun Vyas in Bengaluru;
Editing by Pooja Desai)
 ((varunvyas.hebbalalu@thomsonreuters.com;))