Stock Report

Metro Brands inks strategic partnership with wellbeing footwear brand FitFlop for India



Posted On : 2022-01-14 21:00:42( TIMEZONE : IST )

Metro Brands Ltd, one of the largest Indian footwear specialty retailers has signed an exclusive strategic partnership with FitFlop, a footwear brand that combines style with world-class science, for sale and distribution in India.

FitFlop was launched in 2007 by Canadian entrepreneur Marcia Kilgore. FitFlop's mission is to raise the energy of the world and help you live life to the full by creating wellbeing products engineered to work with your body, to help you move better and feel great. Their footwear is biomechanically engineered - which means it's designed to complement your body structure, joint alignment and natural movement. FitFlop footwear is currently being marketed and sold in over 60 countries globally.

Metro Brands has been selling FitFlop in India for the last four years and with this agreement, Metro Brands has secured exclusive rights for sale of FitFlop for Indian markets across formats including Exclusive Brand Stores, Multi Brand Stores, Airport Stores, Distribution, Online Marketplaces and Webstore in India.

FitFlop makes ergonomic sandals, shoes and boots, using world class design, a splash of fashion, and an innovating mix of beauty, brains and biomechanics. FitFlop's ideology of unmatched comfort for the feet is already a hot selling proposition and has an expansive reach. With this partnership, Metro Brands seeks to reach out and serve the Indian homes who value ultimate comfort with Global Fashion. Metro brands has locations across 136 cities and 30 states in India and plans to leverage its strong network and distribution and online capabilities to drive the FitFlop business in India.

Speaking on this partnership, Mr. Nissan Joseph, CEO, Metro Brands said, "We are pleased to be connected with a revolutionary brand like FitFlop which understands the needs of customers and tailors its offerings for the market. With our wide network and the biomechanical expertise that FitFlop products bring in our portfolio, we aim at reaching Indian homes and provide them with unmatched comfort and design."

Commenting on the announcement, Mr. Gianni Georgiades, CEO, FitFlop said, "We are delighted to be associated with one of India's largest and most popular footwear brands which has a pan India presence across categories. Our association with Metro Brands for the last four years has been encouraging. Given the opportunity present in one of the fastest growing economies of the world and rising disposable income, we are confident of robust demand for our brand. The strong distribution network and market penetration of Metro Brands adds a multi-fold advantage to our drive. We are proud to bring our distinctive offerings in Indian markets and with the support and trust of Metro Brands, we expect this synergy to create a niche addictive footwear brand in India."

Currently, Metro Brands is also the National retail partner for Crocs in India and operates 159 stores over 26 states.

Shares of Metro Brands Limited was last trading in BSE at Rs. 507.90 as compared to the previous close of Rs. 500.35. The total number of shares traded during the day was 35662 in over 2485 trades.

The stock hit an intraday high of Rs. 511.55 and intraday low of 491.10. The net turnover during the day was Rs. 17992117.00.

Source : Equity Bulls

Keywords

MetroBrands INE317I01021 Footwear Partnership FitFlop Brand