Bata India disclosed to the stock exchanges that its Board of Directors has greenlit a licensing and manufacturing agreement with Authentic Brands Group for the esteemed lifestyle brand Nine West.
According to the footwear company, this agreement endows Bata India with the rights to manufacture, market, and distribute Nine West shoes and accessories throughout India via its retail outlets.
In its official stock exchange filing, Bata India stated, "The Board of Directors of Bata India Limited has today, i.e., November 6, 2023, considered and approved licensing and manufacturing deal with Authentic Brands Group for their world-renowned lifestyle brand Nine West. Under the arrangement, Bata India will have rights to manufacture, market, and distribute Nine West shoes and accessories across India through its stores."
While further details and a formal press release or joint statement are anticipated soon, Bata India had previously attracted attention in August due to reported discussions with Adidas regarding a potential strategic partnership. On August 17, CNBC-TV18, citing sources, reported advanced talks between Bata India and the German sportswear brand for a strategic tie-up.
In response to this, Bata issued a clarification asserting the ongoing exploration of opportunities for strategic alliances, collaborations, or tie-ups for the Indian market, pledging to disclose information as it unfolds.
Scheduled to unveil its second-quarter earnings (July to September) for FY24 on November 8, Bata India reported a consolidated net profit of Rs 106.8 crore in the first quarter (April to June), reflecting a 10.3 percent decline from Rs 119.3 crore a year prior. The company's revenue for the same period stood at Rs 958.1 crore, indicating a 1.6 percent increase from Rs 943 crore in the corresponding quarter of the previous year.