Shares of Metro Brands surged 9 per cent to hit a new high of Rs 1,440.45, while Nykaa gained 3.5 per cent to Rs 178.20 on the BSE in intra-day trade.
The stock price of Nykaa has rallied 23 per cent in the past one month. It was trading close to its 52-week high level of Rs 180.20 touhced on December 2, 2022. In comparison, the S&P BSE Sensex was down 0.02 per cent at 66,885 at 02:40 PM.
Under the terms of the agreements, MBL is granted exclusive rights to own and operate Foot Locker stores within India and to sell authorized merchandise in Foot Locker stores.
Nykaa Fashion will serve as the exclusive e-commerce partner and operate Foot Locker’s India website and retail authorized merchandise on Foot Locker branded shop on Nykaa’s existing ecommerce platforms.
In a press release, the two companies said that a global leader and originator of sneaker culture, Foot Locker has undeniably established itself as a brand that fuels passion for self-expression and creates unrivaled experiences at the heart of the global sneaker community, led by our knowledgeable and passionate Stripers.
According to a report, the volume of the sneaker segment in India is projected to reach 66 million pairs by 2028. The sneaker segment is experiencing rapid growth in the country, with consumers seeking out unique designs that blend traditional Indian elements with modern trends.
In this light, MBL and Nykaa Fashion are poised to capitalize on India’s growing sneaker demand and fashion industry, the press release said.
MBL is one of the largest Indian footwear specialty retailers and is amongst the aspirational Indian brands in the footwear category.
MBL retails footwear under its own brands of Metro, Mochi, Walkway, Da Vinchi and J. Fontini, as well as certain third-party brands such as Crocs, Fitflop, Fila, Skechers, Clarks, Puma, and Adidas which complement its in-house brands.
Nykaa Fashion is a multi-brand omnichannel fashion offering from Nykaa (FSN E-Commerce) built on the pillars of premium curation and content, inspiring Indian consumers to make the best choices for themselves.
As of 30th September 2023, Nykaa Fashion’s website and app offer over 3,000 brands and 600,000+ styles across Women, Men, Kids and Home categories.