Metro Brands witnessed a surge of nearly 9%, reaching a 52-week high in its share price after announcing a strategic partnership with New York-based athletic retailer Foot Locker, Inc.

Shares of Metro Brands jumped to an intraday high of Rs 1,441.20, up 8.5% from the previous closing price on the National Stock Exchange (NSE). The stock closed 2.33% higher at Rs 1,359. 

As part of the long-term licensing deal, Metro Brands gains exclusive rights to own and operate Foot Locker stores in India, offering a diverse range of international sportswear and footwear. With over 700 stores nationwide, Metro Brands will feature renowned brands like Nike and Adidas in the Foot Locker stores.

Nissan Joseph, CEO of Metro Brands Ltd, emphasised the company’s vision to introduce premier global brands to India, enhancing the shoe wardrobe for customers. The partnership aims to revolutionise the sneaker market, elevate the retail experience, and cater to dynamic customer needs.

Nykaa Fashion, as the sole e-commerce partner, will manage Foot Locker’s India website and facilitate the sale of authorised goods through a Foot Locker-branded store on Nykaa’s existing e-commerce platforms.