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Metro Brands acquires 100% shareholding of Cravatex Brands

Metro Brands acquires 100% shareholding of Cravatex Brands

Metro Brands acquires 100% shareholding of Cravatex Brands
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By Jomy Jos Pullokaran  Oct 19, 2022 10:57:29 PM IST (Published)

Shares of Metro Brands Ltd ended at Rs 898.85, down by Rs 33.05, or 3.55 percent on the BSE.

Multi-brand footwear retail chain Metro Brands Ltd on Wednesday said it has signed a share purchase agreement to acquire 100 percent shareholding of Cravatex Brands Ltd, to expand its presence in the sports and athleisure space in India.

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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 the fulfillment of closing conditions by both parties. Paragon Partners, an existing investor in Cravatex Brands Ltd, will also sell its entire stake as part of this transaction.
Nissan Joseph, chief executive officer of Metro Brands, said, "This acquisition fits our strategic vision at Metro Brands 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."
Through this acquisition, Metro Brands will receive exclusive rights for Proline and for the sale and distribution rights of FILA across formats, including exclusive brand stores, multi-brand stores, airport stores, distribution, online marketplaces and web stores in India.
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