Crocs India Ltd and Metro Brands Ltd extend partnership for continued growth in India

Marking a pivotal achievement in its retail journey, Metro Brands Limited (MBL), one of India's largest footwear and accessories specialty retailers, has announced the extension of its partnership with Crocs India Limited (CIL), a world leader in innovative casual footwear. 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. Further, MBL will have rights to continue, renew & operate all existing stores that are currently operational in Northern & Eastern states of India.

The partnership, which commenced in 2008, was initiated with the introduction of Crocs' products within MBL multi-brand outlets. In 2015, this partnership deepened as the brands inked a nonexclusive retail license agreement. This agreement authorized MBL to distribute Crocs products in India, aligning seamlessly with the MBL mission of bringing global brands to India and offering a dynamic retail experience to its customers. Today, MBL operates over 200 exclusive stores of Crocs across India.

Sumit Dhingra, VP & General Manager, India, Middle East & 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, personalization 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 Limited, 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."

Within the MBL family, an array of brands, including iconic Indian labels like Metro Shoes, Mochi, Walkway and popular international choices like Crocs and FitFlop, have prospered. The company also recently announced a strategic partnership with US-based footwear giant Foot Locker, and with Fila already on board, MBL is poised to elevate the sportswear culture in India.

Shares of Metro Brands Limited was last trading in BSE at Rs. 1149.70 as compared to the previous close of Rs. 1142.30. The total number of shares traded during the day was 127594 in over 591 trades.

The stock hit an intraday high of Rs. 1158.80 and intraday low of 1136.25. The net turnover during the day was Rs. 147069811.00.

Source : Equity Bulls

Keywords

MetroBrands INE317I01021 Footwear Partnership Extension CrocsIndia CasualFootwear