Shares of Metro Brands Ltd. surged by 7% to touch a day’s high of Rs 1,430.10 on 9th August, following the announcement of a partnership with New Era Cap.

New Era Cap is a New York-based leader in sports fashion headwear that has signed a long-term licensing agreement with Metro Brands to boost its retail presence in India and support Metro’s expansion into the athleisure market.

This agreement grants Metro Brands the right to exclusively distribute and sell all New Era products, encompassing headwear, apparel, and accessories, through retail stores, kiosks, and online sales via its own websites, websites operated by New Era, or any online marketplace. New Era products will also be featured in future Foot Locker stores in India.

Metro Brands Ltd., which has more than 800 stores across India, is also about to open a Footlocker shop in this country, selling different brands such as Metro Shoes, Mocha, Fit Flop, and Fila.

With New Era as its partner, the firm plans to break into India’s burgeoning headgear market by fusing athletic tradition with hat production.

According to Nissan Joseph, the Chief Executive Officer of Metro Brands Ltd., this collaborative effort with New Era marks a crucial milestone in introducing the best international labels to India and fulfilling clients’ athleisure requirements.

He expressed his confidence that with this partnership, a new dimension will be seen in the cap market to revolutionize the retail experience, and caps can be the next go-to accessory.

The company’s board will meet today to review and approve the unaudited financial results for Q1 FY25.

At 3:30 PM, the shares of Metro Brands Ltd. closed 1.11% higher at Rs 1,353 on BSE.

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