(i) Metro Shoes is one of the largest Indian footwear speciality retailers, and are among the aspirational Indian brands in the footwear category (Source: CRISIL Report). They have opened their first store under the Metro brand in Mumbai in 1955, and have since evolved into a one-stop shop for all footwear needs, by retailing a wide range of branded products for the entire family including men, women, unisex and kids, and for every occasion including casual and formal events.

(ii) As of September 30, 2021, the Company operated 598 Stores (as defined below) across 136 cities spread across 30 states and union territories in India. They target the economy, mid and premium segments in the footwear market, which together are expected to grow at a higher rate compared to the total footwear industry between Fiscal 2020 and 2025. These segments have a higher presence of organised players and their growth in the overall footwear industry is expected to accelerate growth of the organized segment in the footwear industry (Source: CRISIL Report).

(iii) The Company had the third highest number of exclusive retail outlets in India, in Fiscal 2021 (Source: CRISIL Report). In Fiscal 2019, 2020, and 2021 and in the six months ended September 30, 2020 and September 30, 2021, they recorded an EBITDA Margin of 27.72%, 27.51%, 21.36%, (7.57)% and 24.43%, respectively (on a consolidated basis).

Brands of Metro Shoes

They sell retail footwear under the brands of Metro, Mochi, Walkway, Da Vinchi and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop, which complement the in-house brands. They believe these brands have a pan-India appeal across regions. They also offer accessories such as belts, bags, socks, masks and wallets, at the stores. They also retail foot-care and shoe-care products at the stores through the joint venture, M.V. Shoe Care Private Limited, making us a ‘one-stop-shop’ for all footwear and related accessories to the customers.