Metro puts right foot forward

Yesterday, after market hours, Metro Brands announced that Foot Locker, Inc., the New York-based specialty athletic retailer, signed a long-term licensing agreement with the company and and Nykaa Fashion.

Under the terms of the agreements, Metro 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.

Following this news, Metro rose from its close of Rs.1325.65 to hit a new 52-week high today at Rs.1440.45 while Nykaa, initially rose to the green, from close of Rs.172.15 to an intraday high at Rs.178.20 but it now trading in the red.