Metro Brands

Last updated

Metro Brands
Type Public
NSE:  METROBRAND
BSE:  543426
Industry Retail, fashion, e-commerce
Founded1977 [1]
FounderMalik Tejani [2]
Headquarters Mumbai, Maharashtra, India
Area served
India
Key people
Rafique Malik (Chairman)
Farah Malik Bhanji (MD)
Nissan Joseph (CEO)
Products Footwear
Fashion accessories
BrandsMetro Shoes, Mochi Shoes, Walkway, FitFlop, Da Vinchi, Cheemo [3]
RevenueIncrease2.svg₹2,181 crore (US$270 million) (FY23) [4]
Increase2.svg₹361 crore (US$45 million) (FY23) [4]
Website metrobrands.com

Metro Brands, previously known as Metro Shoes, is an Indian multi-brand footwear retail company based in Mumbai. [5] Metro Brands operates from a network of 598 Metro showrooms across 136 cities in India. [6] [7]

Contents

History

Metro started as a standalone shoe store in 1955 in Colaba, Mumbai. It was named after the Metro Cinema which was located nearby. [8] The company was incorporated in January 1977 as Metro Shoes. [9]

In 2013, the company announced that it was able to expand the number of its retails stores due to low rental rates, particularly in tier II cities. [10]

In 2015, Metro signed an agreement with Crocs to open exclusive Crocs stores in India. [11]

In December 2021, the company launched its ₹1,367.5 crore (US$170 million) initial public offering (IPO). [6]

In March 2023, Metro Brands Limited re-appointed Vikas Vijaykumar Khemani as independent director. [12]

Controversy

In December 1996, Managing Director Rafique Malik, was among several businessmen and politicians arrested by Mumbai Police on charges of misappropriation of concessionary funds allocated to cobblers and artisans. [13] The case is sub judice as of 2018. [14]

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References

  1. ↑ "Metro Brands Limited Company Information". Economic Times.
  2. ↑ "Metro Brands: Big Shoes To Fill". Forbes India. Retrieved 7 December 2021.
  3. ↑ "Metro Brands eyes greater online presence". The Hindu Business Line. Retrieved 21 January 2023.
  4. 1 2 "Metro Brands Ltd posts Q4 net profit of Rs 68 crore". FashionNetwork.com. Retrieved 7 November 2023.
  5. ↑ "Metro Shoes to open hundred stores by 2014, reach a turnover of Rs 859 cr". Economic Times . Retrieved 12 October 2013.
  6. 1 2 "Metro Brands IPO: Everything you need to know". The Indian Express. 10 December 2021. Retrieved 11 December 2021.
  7. ↑ Nair, Prashant (2 August 2023). "Metro Brands says it's on track to add 200 new stores in next 2 years, demand continues to soar". cnbctv18.com. Retrieved 20 September 2023.
  8. ↑ "Homegrown footwear maker Metro Brands aims for Bata's shoes". www.fortuneindia.com. Retrieved 11 December 2021.
  9. ↑ Varadarajan, Prathiksha (10 December 2021). "From one shop to IPO, here's the journey of Metro Brands". Business Line. Retrieved 11 December 2021.
  10. ↑ "Metro Shoes steps up store expansion". LiveMint . Retrieved 12 October 2013.
  11. ↑ "Metro Shoes to open exclusive outlets for Crocs". The Economic Times. 5 August 2015. Retrieved 21 January 2023.
  12. ↑ "Metro Brands Re-appoints Vikas Vijaykumar Khemani As Independent Director". Free Press Journal. 15 September 2023. Retrieved 20 September 2023.
  13. ↑ Subramaniam, Arun (31 December 1996). "Cobbler scam: Shoe firms charged with misappropriating concessionary funds". India Today. Retrieved 7 December 2021.
  14. ↑ Hakim, Sharmeen (12 March 2018). "Discharge plea of ex-sherif rejected". Mumbai Mirror. Retrieved 7 December 2021.
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