US footwear retailer Foot Locker has entered into licensing agreements with Indian multi-brand footwear company Metro Brands and cosmetic giant Nykaa Fashion to make its India debut next year. 

Under the agreements, Metro Brands will own and operate Foot Locker stores within the country, while Nykaa Fashion will be the exclusive e-commerce partner to distribute authorised merchandise on the Nykaa platform and operate the Foot Locker India website.

“These agreements will enable Foot Locker 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,” the company said in a statement.  

The India launch was plotted earlier this year when the US company was reported to be in talks with four potential Indian franchisees. 

Foot Locker reported sales of US$1.98 billion for the third quarter of this year, down 8.6 per cent year on year. Net income dropped to $28 million for the period from $96 million in the corresponding prior-year period. 

“We are narrowing our 2023 outlook and still expect to end the year with inventory levels flat to down slightly, as compared with the prior year,” said Mary Dillon, president and CEO of Foot Locker. 

As of October 28, the company operated 2670 stores in 26 countries across North America, Europe, Asia and ANZ.