Metro Brands to raise capital to fuel expansion plans

By

Maverick Martins

Published
Nov 8, 2021

Footwear retailer Metro Brands Ltd is planning to raise fresh funds of up to Rs 250 crore from the market to fuel its retail expansion across the country.
 

The company sees huge growth potential in the footwear market and plans to utilise the funds to open over 200 stores under Metro, Mochi, Walkway, and Crocs brands.
 
For the financial year 2021, the company recorded total revenue of Rs 878 crore ($117.4 million) and a net profit of Rs 65 crore. It expects growth in revenue and profit on the back of its massive retail expansion over the next three years.

“We are bullish about footwear retailing in India. We have got the format right and have been profit-making. Our online sales are also growing rapidly. And, overall, the demand for footwear has reached pre-Covid level,” Rafique A Malik, chairman of Metro Brands Ltd, told the Hindu newspaper.
 
“We have chalked out our network expansion plan and all the new 219 stores will come up in two-and-half to three years and most of the capital will be utilised for that. We will have more stores in tier 2 and tier 3 cities as the demand is increasing from there,” he added.
 
The Mumbai-based Metro brands Ltd has a network of 600 stores, across 134 cities. It houses brands like Metro Shoes, Mochi, Walkway, Davinchi and operates retail stores for Crocs.