Metro Brands acquires Cravatex to strengthen brand portfolio in athleisure segment
India’s leading footwear chain Metro Brands Ltd has acquired Cravatex Brands Ltd to strengthen its brand portfolio in the athleisure segment in India.
With this acquisition, Metro Brands will get the exclusive rights for Cravatex-owned Proline brand and for the sale and distribution rights of international sports brand Fila across all formats.
The acquisition is based on fulfilment of closing conditions by both parties. Paragon Partners, an existing investor in Cravatex Brands Limited, will also sell its entire stake as part of this deal.
Commenting on the acquisition, Nissan Joseph, CEO of Metro Brands Ltd in a statement said, “This acquisition fits our strategic vision at Metro Brands Ltd to leverage our expertise in brick‐ and‐mortar and e‐commerce retail while serving the growing need of the consumer in the sports and athleisure category.”
“We are truly committed to our vision to be India’s largest specialty footwear and accessory retailer. With this acquisition, we look forward to elevating the sportwear landscape in India,” he added.
Cravatex Brands Limited is part of the Batra Group which owned the rights to sell brands like Fila, Matrix, Stages, Les Mills, Ziva among other international brands in India along with its private label Proline Fitness.
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