Footwear retailer Foot Locker has announced a planned expansion into India for next year.

Announcing its third-quarter results in which it narrowed the company’s 2023 outlook, Foot Locker said that it has entered into long-term licensing agreements with two strong operators in India: footwear and accessory retailer Metro Brands Limited (MBL) and curated fashion and ecommerce destination Nykaa Fashion.

The agreement will see MBL granted exclusive rights to own and operate Foot Locker stores within India and to sell authorised merchandise in Foot Locker stores.

Nykaa Fashion meanwhile will be the exclusive ecommerce partner and will operate the Foot Locker India website as well as retail authorised merchandise on a Foot Locker branded shop on the Nykaa platform.

Foot Locker said that the agreements will enable it to “efficiently access the large and growing sneaker market in India, consistent with the Company's efforts to strategically pursue growth opportunities in new markets, expand sneaker culture globally and bring Foot Locker's elevated, multi-brand experiences and strong vendor partnerships to even more people around the world.”

The company is seeking out new revenue streams after a year in which its stock has lost 40 per cent of its value. As of 28 October 2023, the company operated 2,607 stores in 26 countries in North America, Europe, Asia, Australia, and New Zealand. In addition, 190 franchised stores were operating in the Middle East and Asia.

With consumer spend down in traditionally major markets, big Western brands are increasingly looking to India where an emerging middle class is shifting its spending habits towards bigger chains.

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