Metro Brands shares hit record high, Nykaa rises after companies ink pact with US-based Foot Locker
Metro Brands and Nykaa shares rose on Thursday after the companies entered a strategic partnership agreement with US-based Foot Locker.
Metro Brands and Nykaa shares rose on Thursday after the companies entered a strategic partnership agreement with US-based Foot Locker. The stock of footwear and accessories specialty retailer Metro Brands gained by as much as Rs 114.8, or 8.7 per cent, to a record high of Rs 1,440.5 apiece on BSE, while cosmetics-to-fashion retailer Nykaa's shares rose by as much as Rs 6.1, or 3.5 per cent, to Rs 178.2 apiece to come within inches of a 52-week high scaled last December.
"This partnership will offer the most comprehensive selection of global sportswear and footwear to sneaker fans in India," Metro Brands and Nykaa said in separate statements.
Foot Locker will enter India in 2024 in partnership with the Indian companies, the US-based athleisure chain said.
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“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," said Mary Dillon, President and CEO, Foot Locker.
Metro Brands, which recently launched its 800th store in India, will exclusively own and operate Foot Locker stores in the country and sell authorised merchandise in Foot Locker stores.
FSN E-Commerce Ventures-owned Nykaa Fashion will serve as the exclusive e-commerce partner as part of the deal, operating Foot Locker's India website and selling authorised merchandise on a Foot Locker branded shop on its platform.
“At Metro Brands, our vision is to bring the finest global brands to India and cater to the complete shoe wardrobe of our customers. This partnership is a big step in that direction. It will also help us pave the way in revolutionising the sneaker market, enhancing the retail experience, and meeting dynamic needs of our customers," said Nissan Joseph, CEO of Metro Brands.
As of September 30, 2023, Metro Brands operated 795 Stores across 182 cities spread across 31 states and Union Territories in the country.
“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," said Adwaita Nayar, Co-Founder of Nykaa, and CEO of Nykaa Fashion.
With inputs from agencies