Metro Brands (Metro) is the one-stop shop for all footwear needs for the entire family and for every occasion including casual and formal events. With 586 exclusive retail outlets, it has the third highest number of exclusive retail outlets in India. Metro retails its footwear under own brands of Metro, Mochi, Walkway, Da Vinchi and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop, which complement the in-house brands.
The company has decided to launch its initial public offering for subscription on December 10, and the offer will close on December 14. The company has fixed a price band of Rs 485 - 500 per equity share of face value Rs 5 each.
"We believe Metro’s aggressive plans on store addition and product portfolio expansion would cater to growing demand in branded footwear and pave the way for sustainable earnings growth and improved operational parameters in future. We recommend Subscribe," stated IDBI Capital Equity Research.
Key highlights
One of India's largest pan India footwear retailers with wide range of brands
Metro is one of the largest Indian footwear specialty retailers, and is among the aspirational Indian brands in the footwear category. It had the third highest number of exclusive retail outlets in India in FY21. Further, the company is a one-stop-shop family retailer catering to the footwear needs of men, women and children for different occasions including casual and formal events.
Asset light business with an efficient operating model
The company is among the few footwear retailers in India to source all its products through outsourcing arrangements without own manufacturing facility, resulting in an asset light model. The asset light model is based on third-party manufacturing by long-standing vendor relationships, and supported by active brand portfolio management, optimum store size and layout, and long-term lease arrangements. Owing to the scale of operations and strong supplier network, the company is able to leverage better margins with the vendors and enter into arrangements with third-party brands.
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