Metro Brands Ltd (MBL) said it has extended its partnership with Crocs India Ltd (CIL) with some changes in the terms of agreements. It added that the renewed agreement grants the company exclusive rights to operate and own Crocs “full price” stores across the western and southern states in India.
“The renewal is sealed through a retail partnership agreement, with few changes in agreement terms, most important being granting MBL exclusive rights to operate and own Crocs “full price” stores across the western and southern States in India and increase in residual balance term of the contract,” the company said in a statement. Further, it will have rights to “continue, renew and operate all existing stores” that are currently operational in the Northern and Eastern states of India.
“Accordingly, the existing Non-Exclusive Retail License Agreement dated on 25th April 2015 signed between the Company and Crocs India stands superseded,” it stated.
The partnership, which began in 2008, was initiated with the introduction of Crocs’ products within MBL multi-brand outlets. In 2015, the brands inked a non-exclusive retail license agreement. This agreement authorised MBL to distribute Crocs products in India. Currently, MBL operates over 200 exclusive stores of Crocs.
Pivotal role
Sumit Dhingra, VP and General Manager, India, Middle East and Africa, Crocs said, “Metro Brands has truly excelled in elevating Crocs’ presence in India. They have played a pivotal role in translating our unique value proposition of self-expression, personalisation and iconic comfort– into a retail experience that resonates deeply with Indian consumers. As our valued partners, they’ve been instrumental in our success story. We’re excited to continue this journey together, broadening our reach and unlocking even more possibilities for our customers in India.”
Nissan Joseph, CEO, Metro Brands Ltd, said, “Our partnership with Crocs has been truly extraordinary, and we are poised for further growth in advancing Crocs’ presence in our country.At Metro Brands, our dedication remains steadfast in delivering a world-class retail experience and owning customer’s footwear wardrobe. The journey ahead is filled with limitless possibilities and milestones and we are confident about the exciting future with Crocs that lies ahead.”
Metro Brands sells its Indian labels including Metro Shoes, Mochi, Walkway besides international brands such as Crocs, Fila and FitFlop. The company also recently announced a strategic partnership with US-based footwear giant Foot Locker.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.