In a noteworthy development for sneaker enthusiasts and sports aficionados, Foot Locker, Inc., the distinguished athletic retail giant headquartered in New York, has unveiled a long-term licensing agreement with Metro Brands Limited (MBL), a prominent footwear and accessories specialty retailer in India, and Nykaa Fashion, a leading curation-centric fashion and lifestyle destination in the country. This collaboration aims to provide an extensive array of global sportswear and footwear options to the burgeoning community of sneaker fans in India.
Under the terms of the agreements, MBL secures exclusive rights to own and operate Foot Locker stores within India, offering authorized merchandise. Simultaneously, Nykaa Fashion takes on the role of the exclusive e-commerce partner, managing Foot Locker's India website and retailing authorized merchandise on Nykaa’s existing e-commerce platforms.
As the originator of sneaker culture globally, Foot Locker has established itself as a brand fueling self-expression and delivering unparalleled experiences within the global sneaker community. Recognized as the go-to destination for sneaker enthusiasts, Foot Locker curates an exclusive assortment from India's next-generation of preferred brands.
According to reports, the sneaker segment in India is expected to surge to 66 million pairs by 2028, showcasing rapid growth. With an increasing demand for unique designs blending traditional Indian elements with modern trends, MBL and Nykaa Fashion are strategically positioned to capitalize on India’s evolving sneaker demand and burgeoning fashion industry.
Mary Dillon, President and CEO at Foot Locker, Inc, said, “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. Combining a strong understanding of the Indian consumer with Metro Brand’s extensive and well-established store operational excellence and Nykaa Fashion’s leading digital capabilities will allow us to bring the full Foot Locker experience and truly win over the hearts and minds of local sneakerheads.”
Nissan Joseph, CEO, Metro Brands Limited, said, “At Metro Brands, our vision is to bring the finest global brands to India and cater to the complete shoe wardrobe of our customer. This partnership is a big step in that direction. It will also help us pave the way in revolutionizing the sneaker market, enhancing the retail experience, and meeting dynamic needs of our customers.”
Adwaita Nayar, Co-Founder of Nykaa, and CEO Nykaa Fashion said, “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.”
Metro Brands Ltd recently celebrated the launch of its 800th store in India, featuring a diverse range of brands, including iconic Indian labels like Metro Shoes, Mochi, and popular international choices like Crocs, FitFlop, and Fila. Nykaa Fashion, known for its seamless international shopping experience, offers over 600 international brands, making it a preferred destination for high-quality fashion.
Convergent Finance LLP and Samara Capital have jointly declared the finalization of definitive documents for acquiring a 51.8 percent stake in Agro Tech Foods Limited (ATFL) from a subsidiary of Conagra Brands, Inc. ATFL, a listed company on the Bombay Stock Exchange and the National Stock Exchange, will undergo a mandatory open offer for an additional 26.0 percent of outstanding shares due to this acquisition. The deal is pending customary regulatory approvals and is anticipated to be completed in due course.
Conagra has been a controlling shareholder of ATFL since 2011, and during its tenure, ATFL expanded its food portfolio, featuring renowned brands like ACT II popcorn and Sundrop edible oils. Both brands are leaders in their categories, catering to both in-home and out-of-home consumption. ATFL will retain the license for the ACT II brand from Conagra for use in India.
Harsha Raghavan, Managing Partner at Convergent Finance said, “Agro Tech Foods’ category-defining brands have been beloved household names for the past three decades, thanks to the company’s relentless focus on quality, innovation, and customer delight. As India’s rapidly-growing consumer class expands and discretionary income levels continue to rise, we will expand ATFL’s distribution reach and product range, thereby transforming it into the country’s leading packaged and snack food platform.”
Manish Mehta, Managing Director and Co-Chief Investment Officer at Samara Capital said, “We are delighted to lead the acquisition of a majority stake in ATFL in partnership with Convergent. The company’s brands have high recall value with India’s consumers, and we aim to complement this hard-earned recognition with our knowledge of India’s food and consumer sectors to increase ATFL’s presence in fast-growing, high-margin categories. We intend to create a large and unique branded food platform in the country with this acquisition.”
Convergent Finance LLP, known for its investment management and advisory role, follows a value investing approach, emphasizing fair valuations through negotiated transactions. Samara Capital, founded in 2007, is a mid-market private equity firm in India with a focus on creating long-term value in partnership with entrepreneurs. Consumer and Retail form a significant focus area for Samara.
Conagra Brands, Inc, headquartered in Chicago, is a leading North American branded food company with a portfolio of iconic brands, including ACT II, Birds Eye, Duncan Hines, Healthy Choice, and Marie Callender’s, among others. The company is driven by a commitment to innovation and evolving to meet changing food preferences.
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