#### **Company Overview** Metro Brands Limited (MBL) is one of India’s largest and most established specialty footwear and accessories retailers, with over **70 years of legacy** in the Indian retail sector since its founding in 1955. Headquartered in Mumbai and publicly listed on both the BSE and NSE since December 2021, MBL has evolved from a single-store operation into a national retail powerhouse. It operates under a **‘Company Owned and Company Operated’ (COCO)** model, ensuring consistent brand experience, superior quality control, and customer service across its network. MBL functions as a **one-stop footwear destination** for Indian families, offering a comprehensive product range across **casual, formal, comfort, and sports footwear**, along with accessories such as bags, belts, wallets, clutches, and shoe care products. The company targets **economy, mid, and premium market segments**, serving men, women, and children across all age groups and occasions. --- #### **Strategic Positioning & Brand Portfolio** Metro Brands operates a **diversified portfolio** leveraging both **proprietary brands** and **exclusive rights to global footwear and lifestyle brands**, positioning itself as a preferred retail platform for international brands entering the Indian market. ##### **In-house Brands (70–75% of MBO Sales)** - **Metro Shoes**: Mid-to-premium footwear focusing on regional tastes, available in 358+ stores. - **Mochi**: Youth- and family-focused brand with a strong appeal in casual and occasion-based footwear. - **Walkway**: Value-focused, fast-fashion footwear brand priced between ₹300–₹3,500, targeting mass-market consumers. - **Proline**: India’s first homegrown activewear and athleisure brand, repositioned post-acquisition. - **Da Vinchi, J. Fontini, Cheemo**: Premium and niche labels offering lifestyle and handcrafted footwear. ##### **Third-Party Global Brand Partnerships (Exclusive Distribution/Operating Rights)** MBL has established long-term agreements with leading international brands: - **Crocs**: Full-price **exclusive rights** in Western & Southern India; non-exclusive in North & East. Operates **219 Exclusive Brand Outlets (EBOs)**. - **FitFlop**: **Exclusive pan-India rights** for EBOs, MBOs, online, and distribution. Offers premium comfort footwear (₹3,500–₹12,000). - **FILA**: **Master licensee** in India, Sri Lanka, Bangladesh, Nepal, Bhutan, and Maldives. Relaunched after inventory reset; now manufactured locally to comply with BIS norms. - **Foot Locker, Inc.**: **Multi-decade exclusive licensing agreement** to launch and operate **Foot Locker** stores in India. First store launched in October 2024 at Nexus Select City Walk, New Delhi. - **New Era Cap, LLC**: **Exclusive distribution rights** in India for one of the world’s most iconic lifestyle and headwear brands with over 100 years of heritage and $1B+ annual revenue. - **Clarks**: **Exclusive retail and digital rights** in India, Nepal, Bhutan, Bangladesh, Maldives, and Sri Lanka, covering all retail channels including EBOs, MBOs, e-commerce, and omnichannel. --- #### **Retail Network & Expansion Strategy (as of Sep 2025)** - **966 stores** across **211 cities** in **31 states and union territories**, reflecting a widespread pan-India footprint. - Aggressive expansion in **Tier II and Tier III cities**, driven by rising disposable incomes, digital access, and organized retail penetration. - Store rollout follows a **phased city entry**—launching a **flagship Metro store first**, then expanding with Crocs, Mochi, Walkway, or other formats based on market dynamics. - **No store closures in FY 2024–25**, highlighting disciplined expansion and site selection. ##### **Store Format Mix & Pricing Strategy** | Format | Count (Sep 2025) | Target Segment | Avg. Size | Price Range (INR) | |-------|------------------|----------------|-----------|-------------------| | Metro MBO (Family) | 358 | Mid to Premium | 1,600 sq.ft. | 1,000 – 10,000 | | Mochi (Youth/Family) | 256 | Mid to Premium | 1,600 sq.ft. | 1,000 – 10,000 | | Crocs EBO | 219 | Premium | 600 sq.ft. | 1,500 – 8,000 | | Walkway | 70 | Value | 1,400 sq.ft. | 300 – 3,500 | | FitFlop EBO | 12 | Premium | 600 sq.ft. | 3,500 – 12,000 | | Fila EBO | 2 (Pilot) | Mid to Premium | 650–4,900 sq.ft. | 3,000 – 12,000 | | Foot Locker | 5 | Premium | ~4,900 sq.ft. | 6,000 – 19,000 | | New Era | Kiosks & Standalone | Lifestyle | 150–varies | 3,000 – 4,500 | | Clarks (relaunched in MBOs) | ~200 | Premium Comfort | In MBO Stores | TBC | MBL plans to scale to **1,000+ stores by FY26**, with **20–25% medium- to long-term ROCE** as capital efficiency benchmarks. --- #### **MetroActiv – Strategic Foray Into Performance Athleisure (Launched Q3 FY25)** - **MetroActiv** is a **multi-brand retail concept** focused on **athletic performance footwear and sportswear**, launching in **Indore, Dehradun, and Jodhpur** with 3,000–6,000 sq.ft. experiential stores. - Features global brands: **Nike, adidas, Puma, ASICS, Skechers, New Balance, FILA, New Era**. - Integrated **e-commerce platform (metroactiv.com)** offering **fitness tools** like Calorie Counter, BMI Calculator, and Nutrition Tracker to build a wellness community. - Supports MBL’s strategic pivot into the **high-growth sports & athleisure (S&A)** category, aligning with India’s rising fitness and active lifestyle trends. --- #### **Omni-Channel Strategy & Digital Transformation** MBL has transitioned from **offline-first to a robust omni-channel model**, integrating digital and physical touchpoints to enhance customer experience and drive growth. - **E-commerce Contribution**: - H1 FY26: **10% of standalone revenue from online**, 85% in-store, 4% omnichannel. - Grew from 9.5% (FY24) to **10.6% of total revenue in FY25**. - Target: Sustainable, margin-friendly digital growth with full-price focus. - **Digital Platforms**: - Owns and operates **3 in-house websites**: metroshoes.com, mochishoes.com, walkwayshoes.com. - Manages **5 exclusive brand websites**: fitflop.in, fila.co.in, neweracap.in, footlocker.in, metroactiv.com. - Online sales driven via **6 major marketplaces** (Myntra, Ajio, Amazon, etc.), with controlled discounting to protect brand equity. - **Technology & Innovation**: - **AI-powered systems** for demand forecasting, personalized marketing, content automation, and CRM. - **Dedicated WMS & OMS** integrate store and warehouse inventory for seamless omnichannel fulfillment (‘Shop from Store’). - **Real-time customer engagement** via **WhatsApp**, home visits, loyalty programs, and social media (leads in Instagram followers among Indian footwear brands, per CRISIL). - **Generative AI & RPA** deployed to enhance operations, customer service, and inventory optimization. --- #### **Sourcing & Supply Chain Model** - **Asset-light, 100% outsourced** manufacturing model—among the few Indian footwear retailers with no owned manufacturing units. - Collaborates with **250+ long-standing vendors** (some with 50+ years of partnership), enabling **rapid trend-to-market turnaround** and design exclusivity. - **In-house design cell** develops proprietary designs; quality-controlled at Bhiwandi-based inspection hubs. - Agreements include **pay-on-sale/buy-back clauses** for third-party brands, reducing working capital and risk. - **Sustainability Initiative**: Aims to recycle **one pair of footwear for every pair sold**; processed over **1,940 tons** of discarded footwear in FY24. --- #### **Recent Strategic Milestones (FY25–H1 FY26)** 1. **Clarks Partnership (H1 FY26)**: - Launched Clarks’ **Cloudstepper** range in ~200 Metro/Mochi stores. - Plans for **first Clarks EBOs by H1 FY27** and full digital integration. - Aims to strengthen **women’s casual and comfort footwear** offerings. 2. **New Era Expansion**: - Kiosks launched in **Bengaluru, Hyderabad, Mumbai**. - Opened **first standalone New Era store in Lucknow (Q2 FY26)** and new kiosks in Delhi, Chandigarh, Bengaluru. - Website launch (neweracap.in) and marketplace integration. 3. **FILA Relaunch (H2 FY25–H2 FY26)**: - Completed liquidation of legacy inventory; initiated **local BIS-compliant manufacturing**. - Reintroduced through **Foot Locker, Metro, and Mochi** outlets. - Target: Open **new Fila EBOs by H2 FY26**. 4. **Foot Locker Growth**: - First store opened in Oct 2024; **4 additional stores** opened in Noida and Mumbai by Q2 FY26. - Offers **10–20% exclusive merchandise**; targets sneaker culture and youth consumers. --- #### **Leadership & Governance** - **Chairman**: Mr. Rafique A. Malik (over **50 years** in footwear retail, founder-led governance). - **CEO**: Mr. Nissan Joseph (ex-Crocs, Payless Shoes, Planet Sports) guiding global strategy and brand expansion. - **Managing Director**: Ms. Farah Malik Bhanji (over 20 years with MBL), driving digital transformation, AI, and operational excellence. - **Whole-time Director**: Mr. Iqbal Dossani, led CRM, RFID, and Biofoot (India’s first foot wellness brand). --- #### **Sustainability & Corporate Responsibility** - **Recycling Initiative**: Processed close to **5 million pairs** (1,940 tons) of discarded footwear using eco-friendly methods. - **Coal substitution**: Waste materials used as fuel in cement kilns and power plants. - Focus on **local sourcing** (>85% of proprietary brand products manufactured in India).