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Metro Brands' IPO sail through with 3.6x bids

14 December 2021, Mumbai:

The 1,368 crore-initial public offer of footwear retailer Metro Brands was subscribed over 3.6 times on Tuesday - the final day of the offering - thanks to interest from institutional and rich investors.

The issue got bids for 6.96 crore shares against the 1.91 crore shares on offer.

The qualified institutional buyers (QIB) category was subscribed 8.49 times, while non-institutional investors, including high networth individuals (HNIs) bid for 3.02 times the shares set aside for them. The retail investor category was subscribed 1.13 times.

The company, in which investor Rakesh Jhunjhunwala holds a stake, sold shares in the range of ₹485-500 apiece in the IPO.

Last week, Metro raised ₹410.25 crore by allotting 82.05 lakh shares to 28 anchor investors ahead of the public issue. The investors included Goldman Sachs, Abu Dhabi Investments, Pinebridge, Society Generale, SBI Life, HDFC Life, and 11 domestic mutual funds such as Aditya Birla, Tata, HDFC, ICICI Prudential and Kotak among others.

ET (The news article has not been edited by DFU Publications staff)

 

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Metro Brands' IPO sail through with 3.6x bids

Adidas x Allbirds embracing lower-carbon development process to Create 'FUTURECRAFT.FOOTPRINT'

14 December 2021, Mumbai:

Together with Allbirds company is announcing the first product from its collaboration, FUTURECRAFT.FOOTPRINT. At 2.94kg CO2e, it represents a personal best for both brands as the result of a collective ambition to make a performance running shoe with no carbon footprint.   

Seeing the possibilities of accelerating a carbon-neutral future for sports and style, we teamed up to forge a unique partnership: opening up their materials, supply chains, and innovations to each other. 

With each pair having a carbon footprint of just 2.94kg CO2e and created with 63% fewer emissions*, FUTURECRAFT.FOOTPRINT showcases a new approach to more sustainable design and an alternative method of manufacturing that drastically reduces carbon impact.

OUR PARTNERSHIP WITH ALLBIRDS IS A BEACON OF WHAT CAN HAPPEN WHEN COMPETING BRANDS FROM THE SAME INDUSTRY SEE THE POSSIBILITIES IN COMING TOGETHER TO DESIGN. BY TRULY CO-CREATING AND PROVIDING EACH OTHER WITH OPEN ACCESS TO KNOWLEDGE AND RESOURCES – SUCH AS ALLBIRDS’ KNOWLEDGE OF CARBON CALCULATION AND EXPERIENCE WITH NATURAL MATERIALS, AND ADIDAS’ CAPABILITIES IN MANUFACTURING AND PERFORMANCE FOOTWEAR – THIS IS A CALL-TO-ACTION FOR OTHER BRANDS, AND A MILESTONE IN THE SPORTS INDUSTRY ACHIEVING CARBON NEUTRALITY.
Brian Grevy, Executive Board Member Global Brands at adidas

Embracing a lower-carbon development process, teams collaborated digitally from development to delivery, working across multiple time zones on opposite sides of the world. Together, the Allbirds and Adidas counterparts across product design, material innovation, sustainability, and supply chain studied every component and all aspects of the process with an analytical methodology. 

In under 12 months, they reimagined materials, manufacturing techniques, and even packaging to reach the lowest possible footprint – whilst chasing the vision for a low-carbon shoe without compromising on performance.

WE BELIEVE THAT THE CHALLENGE OF SOLVING CLIMATE CHANGE IS THE PROBLEM OF OUR GENERATION AND SOLVING IT WILL NOT BE DONE ALONE. WE NEED TO FIND NEW BUSINESS MODELS, NEW INNOVATIONS AND NEW WAYS OF WORKING TOGETHER.

OUR PARTNERSHIP WITH ADIDAS IS AN EXAMPLE OF THAT. OVER THE PAST YEAR, OUR TWO TEAMS HAVE RACED AS ONE TO CREATE A SHOE AS CLOSE TO ZERO CARBON EMISSIONS AS WE COULD POSSIBLY ACHIEVE. THE RESULTS ARE AN EXCITING STEP FORWARD, AND HOPEFULLY, AN EXAMPLE FOR OTHERS TO FOLLOW.
Tim Brown, Co-Founder & Co-CEO at Allbirds

Our brand’s proprietary technologies are coming together and working in synergy at the heart of the innovation. Based on Adidas' popular Lightstrike midsole and tested to the same performance standards, the FUTURECRAFT.FOOTPRINT midsole compound is reimagined with Allbirds’ sugarcane-based SweetFoam®, offering a low-carbon natural component. 

Representing another material collaboration, the newly developed upper material is made with 70% recycled polyester and 30% natural Tencel – a material made from wood pulp – for a smooth, lightweight upper that lives up to performance expectations with a highly reduced carbon impact. 

“With this project, less really was more. To keep minimalist not only in materials but also in construction, we went to extremes and left only what we really needed on the shoe to keep the performance properties,” said Florence Rohart, Sr. Footwear Designer at Adidas. “Both the upper and the outside construction are inspired by the Tangram Principle, with all individual parts in their entirety achieving as little scrap as possible in production in order to reduce waste.” Added Jamie McLellan, Head of Design at Allbirds. 

FUTURECRAFT.FOOTPRINT will see an initial launch in May with a raffle of 100 pairs to Adidas Creators Club members, before an FW21 release limited to 10,000 pairs, and a wider release in SS22. 

*Measured against a comparable running shoe - adizero RC3 at 7.86kg C02e. 

news.adidas.com  (The news article has not been edited by DFU Publications staff)

 

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Adidas x Allbirds embracing lower-carbon development process to Create 'FUTURECRAFT.FOOTPRINT'

Nike buys virtual sneaker maker 'RTFKT' to move deeper in metaverse

14 December 2021, Mumbai:

Nike Inc. said late today that it has acquired RTFKT, a digital creator of virtual sneakers, collectibles, and accessories. The terms of the deal were not disclosed.

The move builds upon Nike’s goal to expand its influence in the metaverse via virtual sneakers. Earlier this year, Nike filed seven trademark applications related to its goal to create and sell virtual sneakers and apparel.

It also partnered with the Roblox video game platform to launch “Nikeland,” a digital world for Nike fans to play games, connect, and dress their avatars in virtual apparel via a digital showroom, which includes products like the Air Force 1 and Nike Blazer.

More from Footwear News

 

“This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming, and culture,” said Nike CEO and president John Donahoe in a statement. “We’re acquiring a very talented team of creators with an authentic and connected brand. Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.”

Nike was previously rumored to be a prime candidate to dip its toes in the world of NFTs, or non-fungible tokens that can be bought, sold, or traded online using cryptocurrency and blockchain technology.

In 2019, Nike was granted a patent for “CryptoKicks,” a system for releasing digital footwear that linked physical shoes with virtual versions that could be sold, traded, or stored in an online blockchain “locker.” The brand also envisioned the potential for “breeding” two pairs of digital shoes to create novel “shoe offspring,” whose origins would be tracked on a blockchain, a type of distributed digital ledger.

The RTFKT acquisition marks Nike’s next step in its foray into the metaverse. Founded in 2020, RTFKT works with game engines, NFTs, blockchain authentication, and augmented reality to create products that live at the nexus between fashion and gaming. RTFKT — which partners with digital artists — previously sold $3.1 million worth of sneaker NFTs in about 7 minutes.

“This is a unique opportunity to build the RTFKT brand and we are excited to benefit from Nike’s foundational strength and expertise to build the communities we love,” said Benoit Pagotto, one of RTFKT’s co-founders.

“Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity, and community, and we’re excited to grow our brand which was fully formed in the metaverse.”

www.yahoo.com (The news article has not been edited by DFU Publications staff)

 

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Nike buys virtual sneaker maker 'RTFKT' to move deeper in metaverse

Metro Brands, Farah Malik, CEO & MD: Aspiring to be largest pan-India retailer

13 December 2021, Mumbai:

We continue to see momentum going forward and e-commerce has become a 12% contributor to our sales. We are also witnessing strong demand in our stores, says Farah Malik, CEO & MD, Metro Brands.

Tell us more about the company, the anchor book response in particular?
Metro Brands Limited has allocated 8.2 million equity shares to 28 anchor investors and raised Rs 410.25 crores ahead of the company’s proposed IPO at the upper price band.

The anchor book was subscribed by marquee investors, including Goldman Sachs, Abu Dhabi Investment Authority, GMO, Pinebridge, Valiant, University of Notre Dame. We had eight mutual funds who applied through 11 schemes, including ICICI Prudential, HDFC, Tata India Consumer Fund, Kotak Mutual Fund, Birla Mutual Fund, UTI, Sundaram Mutual Fund, and life insurance majors such as SBI Life, HDFC Life, and Tata AIA Life.

What is the expansion plan?
We mentioned in our disclosure that we will be opening 260 stores by the end of fiscal 2025. All those stores are distributed among our entire portfolio. We would be opening up Metro, Mochi, Walkway, and Crocs stores as part of that 260.

It doesn't include any stores under the Walkway as a franchise model. These are all company-owned and operated stores, and secondly, we are into an MoU with FitFlop to manage their distribution in India. So this number of 260 stores does not include the FitFlop stores that we may open over the next three years.

We have seen great penetration throughout India from metro cities, Tier I, Tier II, and Tier III cities. We are looking at opening up across India and not looking at geographic concentrations, but we are making sure we continue our quest to be the largest pan-India retailer.

ET (The news article has not been edited by DFU Publications staff)

 

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Metro Brands, Farah Malik, CEO & MD: Aspiring to be largest pan-India retailer

With the opening of a new store in Mumbai, Guess is expanding its retail reach

08 December 2021, Mumbai:

Guess, a global fashion brand, has increased its retail presence in Mumbai by opening a new store at Phoenix Palladium. Denim, dresses, clothes, shoes, purses, accessories, and more will be available at the store. 

Guess sees a great opportunity for expansion in India and aims to open additional stores across the country's major metros to boost sales, which were severely impacted by the Covid-19 outbreak. 

"We are happy to welcome shoppers to our new store at the Phoenix Palladium Mall in Mumbai," Manoj Nair, CEO of Gaurik Lifestyle, the licensee for Guess International in India, said in a statement. 

In addition to its strategic position, the store's sales demonstrated that customers value quality and on-trend fashions. We're on our way to launching in all of India's main metros before the end of the year." Guess intends to expand its retail footprint in India by opening 50 new stores by 2026, with a revenue target of Rs 300 crore ($40.5 million).

 

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With the opening of a new store in Mumbai, Guess is expanding its retail reach

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