New Delhi: Footwear retail chain Metro brand signed a share purchase agreement to obtain 100% of the shares of Brand: Cravatex to expand its presence in the sports and sports space in India, a regulatory filing said Wednesday. Cravatex Brands is listed by BSE as a retail, brand licensor, distribution and sourcing company with an exclusive long-term license for the Italian sportswear brand. FILAown sportswear brand Prolineand represent other international brands.
The purchase based on the fulfillment of the closing conditions by both parties. Partner Paragonan existing investor in Cravatex Brands Limited, will also sell its entire stake as part of this transaction, Cravatex said in the filing.
“This acquisition is in line with our strategic vision at Metro Brands Ltd to leverage our expertise in brick-and-mortar retail and e-commerce while serving the growing needs of consumers. consumption in the field of sports and sports.
“We are truly committed to our vision of becoming India’s largest specialist footwear and accessories retailer. With this acquisition, we look forward to elevating the sports landscape in India,” said Mr. Metro Brands executive Nissan Joseph said.
Through this acquisition, Metro Brands will receive exclusive rights to Proline and FILA’s sales and distribution rights across formats, including Exclusive Brand Store, Multi-Brand Store, Airport Store , Distribution, Online Marketplace and Online Store, in India.