Following the news of a cooperation with New Era Cap, shares of Metro Brands Ltd. increased by 7% to reach a day’s high of Rs 1,430.10 on August 9. A long-term licensing deal was inked by New Era Cap, a leader in sports fashion headwear with headquarters in New York, and Metro Brands to help the latter’s foray into the athleisure industry and increase its retail presence in India.Â
Under the terms of this agreement, Metro Brands will be the only party with the authority to distribute and sell all New Era products, including headgear, clothing, and accessories, through retail locations, kiosks, and online through its own websites, New Era’s websites, and any online marketplace. New Era merchandise will also be on display.
India’s Growing Headgear Industry
With more than 800 locations nationwide, Metro Brands Ltd. is set to build a Footlocker store in India where it will sell a variety of brands like Fila, Mocha, Fit Flop, and Metro Shoes. The company, which has New Era as a partner, intends to combine sports heritage with hat manufacturing in order to penetrate India’s growing headgear industry.
The chief executive officer of Metro Brands Ltd., Nissan Joseph, claims that this partnership with New Era is a significant step toward bringing the greatest international labels to India and meeting the athleisure needs of customers.
In store Experience
He emphasized his belief that this collaboration will provide the cap industry a fresh angle that will transform the in-store experience and make caps the next big thing in accessories.
The board of the corporation will get together today to discuss and approve the Q1 FY25 unaudited financial numbers. Metro Brands Ltd.’s shares closed 1.11% higher at Rs 1,353 on the BSE at 3:30 PM.
