Latest News | Metro Brands to Acquire Cravatex Brands
Get latest articles and stories on Latest News at LatestLY. Footwear retail chain Metro Brands has signed a share purchase agreement to acquire 100 per cent shareholding of Cravatex Brands to expand its presence in the sports and athleisure space in India, a regulatory filing said on Wednesday.
New Delhi, Oct 19 (PTI) Footwear retail chain Metro Brands has signed a share purchase agreement to acquire 100 per cent shareholding of Cravatex Brands to expand its presence in the sports and athleisure space in India, a regulatory filing said on Wednesday.
BSE-listed Cravatex Brands is a retail, brand licensing, distribution and sourcing company that has the exclusive long-term license for the Italian sportswear brand FILA, owns sportwear brand Proline, and represents other international brands.
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 transaction, Cravatex said in the filing.
"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.
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"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," Metro Brands, Chief Executive Officer, Nissan Joseph said.
Through this acquisition Metro Brands will receive exclusive rights for Proline and for the sale and distribution rights of FILA acrossformats, including Exclusive Brand Stores, Multi Brand Stores, Airport Stores, Distribution, Online Marketplaces and Webstores, in India.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)