Currently, the company has 586 stores in 134 cities spanning 29 states
Footwear retailer Metro Brands Ltd, which is likely to sell its shares for the first time at the end of the month, will use Rs 250 crore from the proceeds to open 219 stores over the next two and a half years, it said on Thursday.
Currently, the company has 586 stores in 134 cities spanning 29 states and union territories in India. Of these, 211 stores have been opened in the past three years. It opened its first store under the Metro brand in Mumbai in 1955 and has since grown into a one-stop shop for all footwear needs, retailing a wide range of branded products for both family including men, women, men and children. , and for all occasions including casual and formal events.
Speaking to PTI, Nissan Joseph, CEO, Metro Brands, said the company will open 219 new stores over the next two and a half years across four formats – Metro, Mochi, Walkway and Crocs.
In addition to opening new stores, he said the company plans to leverage its existing capabilities to increase its e-commerce operations, expand revenue-generating channels, and become a digital brand with a strong presence. relevant in the coming years. In addition, the footwear retailer is aiming to grow in allied business areas such as accessories, shoe care and foot care, he added.
The company says 69% of its revenue is generated from private brands and the remaining 31% from third-party brands. The pandemic has affected the footwear industry including Metro Brands as the company’s operating revenue fell to Rs 800 crore in fiscal year (FY) 21 from Rs 1,285 in fiscal year 20, while profit profit after tax (PAT) fell to Rs 64.6 crore in fiscal year 21 from Rs 160.6 crore in fiscal year 20.
To combat the covid crisis, Metro Brands took many steps, including closing underperforming stores and streamlining staff associated with such stores, which ultimately helped. for company.
“Currently, overall, demand for footwear has reached COVID levels before and
The company’s CEO said online sales are also growing rapidly. by selling shareholders.
Investment bankers said the initial sale of the shares would raise Rs 950 crore. Through an IPO, the company’s promoters will sell nearly 10% of the company’s shares. After the IPO, the promotion and promotion team’s holdings in the company will drop to 75% from current levels of about 85%, Joseph said.
The company filed its preliminary IPO papers with Sebi in August and received regulatory approval in November to go public.
