Metro Brands has signed a share purchase agreement to acquire 100% shareholding of Cravatex Brands, to expand its presence in the sports and athleisure space in India. 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, will also sell its entire stake as part of this transaction. 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 Webstores, in India.
Metro Brands is one of the largest Indian footwear speciality retailers and is amongst the aspirational Indian brands in the footwear category.
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