Metro Brands' Shares Surge on New Era Cap Partnership

8 Aug 2024 , 04:18 PM

Metro Brands saw a significant increase in shares on August 8 due to a new partnership with New Era Cap, a well-known American headwear brand. This move marks Metro Brands’ entry into the athleisure market.

New Era Cap is famous for creating caps for major US sports leagues, including the NFL, MLB, and NBA, and is supported by these leagues.

The partnership aims to expand New Era’s retail presence in India while helping Metro Brands grow in the athleisure segment. Metro Brands will have exclusive rights to distribute and sell New Era products, including headwear, apparel, and accessories, both in retail stores and online.

New Era products will also be available in future Foot Locker stores in India, broadening their market reach.

Recognizing the potential of the Indian headwear market, driven by e-commerce, Metro Brands plans to introduce sports culture into the cap industry with New Era. New Era is known for its iconic headwear styles, such as the 59FIFTY fitted cap, the 9FIFTY snapback, and the adjustable 9FORTY, appealing to a wide range of customers from sports fans to fashion enthusiasts.

Nissan Joseph, CEO of Metro Brands, emphasized that this partnership is in line with their goal to bring top global brands to India, enhancing the athleisure wardrobe of their customers. He expressed confidence that this collaboration will transform the Indian cap market, making caps a must-have accessory.

At the time od closing, Metro Brands’ shares were trading at ₹1,331, a 1.70% increase from the previous close on the NSE. Over the past year, Metro Brands’ shares have risen by more than 24%.