Metro Brands Shares Hit 52-Week High Value Of Rs 1440.45; Here's Why

The share price of mid-cap stock Metro Brands Ltd touched a 52-week high value of Rs 1440.45 per share on Thursday (November 30). In today's intraday trading session, the stock saw a spurt in trading volume by over 4.08 times. At 12:03 pm IST today, Metro Brands shares were spotted trading 5.33% higher at Rs 1396.25 per share.

The surge in Metro Brands stock price was seen after the company informed via an exchange filing on Wednesday that it has inked a long-term licensing agreement with Foot Locker, a US-based specialty athletic retailer. The company informed that under the terms of the agreements, it has obtained exclusive rights to own and operate Foot Locker stores within India and to sell authorized merchandise in Foot Locker stores.

Locker, Inc. has inked a long-term licensing agreement with Metro Brands Limited (MBL), and Nykaa Fashion, one of India's leading curation-led fashion and lifestyle destinations.

This partnership is expected to offer the most comprehensive selection of global sportswear and footwear to sneaker fans in India. The company informed that Nykaa Fashion will serve as the exclusive e-commerce partner and operate Foot Locker's India website and retail authorized merchandise on Foot Locker branded shop on Nykaa's existing e-commerce platforms.

As per a report, the volume of the sneaker segment in India is estimated to reach 66 million pairs by 2028. The sneaker segment is experiencing rapid growth in the country, with consumers seeking out unique designs that blend traditional Indian elements with modern trends. In this light, MBL and Nykaa Fashion are poised to capitalize on India's growing sneaker demand and fashion industry.

On Thursday, Nykaa shares which trade under FSN E-Commerce Ventures Ltd were spotted trading 1.71% higher at Rs 175.10 per share at 12:25 pm IST.

Metro Brands Ltd share price performance:

In this year so far, the share price of Metro Brands has gained 61.67%, and in the last one year the returns from the stock have increased almost 68%. The stock's three months and last six month's performance is up 32.06% and 44% respectively. The company commands a market capitalization of Rs37,972.70 crore.

About Metro Brand Limited:

Metro Brands is one of the largest Indian footwear specialty retailers and is amongst the aspirational Indian brands in the footwear category. The Company opened its first store under the Metro Brand in Mumbai in 1955 and has 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.

In addition to men's, women's, and kid's footwear, it also has a wide range of handbags, belts, wallets, etc. Metro Brands retails footwear under its own brands of Metro, Mochi, Walkway, Da Vinchi, and J. Fontini, as well as certain third-party brands such as Crocs, Fitflop, Fila, Skechers, Clarks, Puma, and Adidas which complement its in-house brands.