Foot Locker set for entry in India, signs deal with Metro Brands, Nykaa

"These agreements will enable Foot Locker to efficiently access the large and growing sneaker market in India," Nykaa said

US footwear and sportswear retailer Foot Locker said on Wednesday it will enter the Indian market in 2024 under a deal with Indian peer Metro Brands and cosmetics-to-fashion retailer Nykaa.

Metro Brands, which has over 700 stores across India, will exclusively own and operate Foot Locker stores in the country, selling offerings of the New York-based firm that retails footwear brands including Nike and Adidas.

Nykaa Fashion, owned by FSN E-Commerce Ventures, will operate Foot Locker's India website and also retail the company's offerings on its own platform.

"These agreements will enable Foot Locker to efficiently access the large and growing sneaker market in India," the company said in a statement, while forecasting a smaller-than-expected decline in its fourth-quarter comparable sales.

(Reporting by Hritam Mukherjee and Varun Vyas in Bengaluru; Editing by Pooja Desai)