Multibrand footwear retailer Metro Brands is planning to add 260 stores by 2024-25. With brands such as Metro, Mochi, DaVinchi and third party brands such as Crocs and Fitflop, the company at present operates 598 stores across 136 cities.
The company plans to use part of the proceeds from its Rs 1,367-crore public issue to fund the expansion. The public offer opens Friday at a price band of Rs 485-500 per share and includes a fresh issue and an offer for sale.
“We primarily operate in a company owned and company operated model. We are spread across metro cities, tier 1, tier 2, tier 3 cites and have an even distribution between malls and high street locations. We also have stores in key airports,” said Nissan Joseph, CEO, Metro Brands. Of the 598 stores, only seven are franchise stores.
“All the 260 new stores will be company owned and be spread across four brands — Metro, Mochi, Walkway and Crocs,” said Joseph.
Metro Brand’s managing director Farah Malik Bhanji said the company operates in an asset light model. “We are largely dependent on third party manufacturing. We have over 250 suppliers including karigars to come up with the best range,” she said.
For 2020-21, the company’s total income was Rs 878.53 crore with a restated profit of Rs 64.62 crore. “Our gross margin was rock steady at 54.9 per cent even in a Covid impacted year,” said CFO Kaushal Parekh.