Metro Brands
{{Short description|Indian footwear retail chain}}
{{Use dmy dates|date=July 2018}}
{{Use Indian English|date=July 2018}}
{{Infobox company
| name = Metro Brands
| logo = Metro-brands-logo.png
| image = Cafe Mondegar.JPG
| image_caption = Metro House building in Colaba, Mumbai, where the first store was opened in 1955
| founder = Malik Tejani{{cite news |title=Metro Brands: Big Shoes To Fill |url=https://www.forbesindia.com/article/family-business/metro-brands-big-shoes-to-fill/52597/1 |access-date=7 December 2021 |work=Forbes India |language=en}}
| area_served = India
| industry = Retail, fashion, e-commerce
| products = Footwear
Fashion accessories
| type = Public
| traded_as = {{NSE|METROBRAND}}
{{BSE|543426}}
| brands = Metro Shoes, Mochi Shoes, Walkway, FitFlop, Da Vinchi, Cheemo{{cite news |title=Metro Brands eyes greater online presence |url=https://www.thehindubusinessline.com/companies/metro-brands-eyes-greater-online-presence/article30704777.ece |access-date=21 January 2023 |work=The Hindu Business Line|language=en}}
| location = Mumbai, Maharashtra, India
| key_people = Rafique Malik (Chairman)
Farah Malik Bhanji (MD)
Nissan Joseph (CEO)
| revenue = {{up}} {{INRconvert|2181|c}} (FY23)
| profit = {{up}} {{INRconvert|361|c}} (FY23){{cite news |title=Metro Brands Ltd posts Q4 net profit of Rs 68 crore|url=https://in.fashionnetwork.com/news/-metro-brands-ltd-posts-q4-net-profit-of-rs-68-crore,1519229.html |access-date=7 November 2023 |work=FashionNetwork.com |language=en-IN}}
| homepage = {{URL|https://metrobrands.com/}}
}}
Metro Brands, previously known as Metro Shoes, is an Indian multi-brand footwear retail company based in Mumbai.{{cite web |title=Metro Shoes to open hundred stores by 2014, reach a turnover of Rs 859 cr |url=http://retail.economictimes.indiatimes.com/news/footwear/metro-shoes-to-open-hundred-stores-by-2014-reach-a-turnover-of-rs-859-cr/22369256|publisher=Economic Times |access-date=12 October 2013}} {{As of|2021}}, Metro Brands operates 598 Metro showrooms across 136 cities in India.{{cite web | last=Nair | first=Prashant | title=Metro Brands says it's on track to add 200 new stores in next 2 years, demand continues to soar | website=cnbctv18.com | date=August 2, 2023 | url=https://www.cnbctv18.com/earnings/metro-brands-q1-earnings-on-track-to-open-200-stores-in-next-2-years-17408071.htm | access-date=September 20, 2023}}
History
Metro started as a standalone shoe store in 1955 in Colaba, Mumbai. It was named after the Metro Cinema, which was located nearby.{{cite news |title=Homegrown footwear maker Metro Brands aims for Bata's shoes |url=https://www.fortuneindia.com/enterprise/homegrown-footwear-maker-metro-brands-aims-for-batas-shoes/106285 |access-date=11 December 2021 |work=www.fortuneindia.com |language=en}} The company was incorporated in January 1977 as Metro Shoes.{{cite news |last1=Varadarajan |first1=Prathiksha |title=From one shop to IPO, here's the journey of Metro Brands |url=https://www.thehindubusinessline.com/markets/from-one-shop-to-ipo-heres-the-journey-of-metro-brands/article37924098.ece |access-date=11 December 2021 |work=Business Line |date=10 December 2021 |language=en}}
In 2013, the company announced it was able to expand the number of its retail stores due to low rental rates, particularly in tier II cities.{{cite web |title=Metro Shoes steps up store expansion |url=http://www.livemint.com/Industry/TIUAMO99wyFeb6SJ5Dg8EL/Metro-Shoes-steps-up-store-expansion.html|publisher=LiveMint |access-date=12 October 2013}}
In 2015, Metro signed an agreement with Crocs to open exclusive Crocs stores in India.{{cite news |title=Metro Shoes to open exclusive outlets for Crocs |url=https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/metro-shoes-to-open-exclusive-outlets-for-crocs/articleshow/48361443.cms |access-date=21 January 2023|work=The Economic Times |date=5 August 2015 |language=en}}
In December 2021, the company launched its {{INRconvert|1367.5|c}} initial public offering (IPO).{{cite news |title=Metro Brands IPO: Everything you need to know |url=https://indianexpress.com/article/business/market/metro-brands-ipo-everything-you-need-to-know-7665884/ |access-date=11 December 2021 |work=The Indian Express |date=10 December 2021 |language=en}}
In March 2023, Metro Brands Limited reappointed Vikas Vijaykumar Khemani as an independent director.{{cite web | title=Metro Brands Re-appoints Vikas Vijaykumar Khemani As Independent Director | website=Free Press Journal | date=September 15, 2023 | url=https://www.freepressjournal.in/business/metro-brands-re-appoints-vikas-vijaykumar-khemani-as-independent-director | access-date=September 20, 2023}}
Controversy
In December 1996, Managing Director Rafique Malik, was among several businessmen and politicians arrested by Mumbai Police on charges of misappropriation of concessionary funds allocated to cobblers and artisans.{{cite news |last1=Subramaniam |first1=Arun |title=Cobbler scam: Shoe firms charged with misappropriating concessionary funds |url=https://www.indiatoday.in/magazine/indiascope/story/19961231-cobbler-scam-shoe-firms-charged-with-misappropriating-concessionary-funds-834263-1996-12-31 |access-date=7 December 2021 |work=India Today |date=31 December 1996 |language=en}} The case is sub judice as of 2018.{{cite news |last1=Hakim |first1=Sharmeen |title=Discharge plea of ex-sherif rejected |url=https://mumbaimirror.indiatimes.com/mumbai/crime/discharge-plea-of-ex-sherif-rejected/articleshow/63260969.cms |access-date=7 December 2021 |work=Mumbai Mirror |date=12 March 2018 |language=en}}
References
{{Reflist}}
External links
- [https://metroshoes.com/ Metro Shoes]
- [https://www.mochishoes.com/ Mochi Shoes]
- [https://walkwayshoes.com/ Walkway Shoes]
- [https://fitflop.in/ FitFlop]
Category:Retail companies of India
Category:Companies based in Mumbai
Category:Retail companies established in 1947
Category:Shoe companies of India
Category:Indian companies established in 1947
Category:Indian companies established in 1977
Category:Companies listed on the National Stock Exchange of India