With a strong base of innovation, business acumen and retail intelligence Metro Shoes, India’s leading fashion footwear retailer has made a significant investment in MV Shoe Care – a shoe care and foot care company with ‘PRO’ Brand. With this investment Metro Shoes expands its reach in premium shoe care and foot care products.
Metro Shoes has been exploring new business opportunities and it believes in the strong growth potential of India’s shoe care and foot care industry which complements the growth in the premium footwear category. Metro sees tremendous opportunity in domestic as well as in international market.
Metro has increased its share in the shoe care products over last few years and contributes over 5 per cent in its Rs 1,000 crore business. Metro Shoes, investment highlights the ultra-aggressive rate to achieve its ambition of becoming the largest footwear retailing company in India.
Speaking on the occasion, Chairman, Metro Shoes, Rafique Malik said, “The size of the shoe care industry is around Rs 300 crore. We see a great potential in this business which would increase to Rs 600 crore plus market in next 5 years. With rapid changes in fashion and materials used in footwear there is a distinct need for shoe care products, particularly in premium shoe care products in which MV Shoe Care has expertise, and with proven ability of Ketan Vyas, Promoter and CEO of MV Shoe Care, the company is expected to cross Rs 100 crore business in the next three years.”
Manufacturer of PRO range of shoe care brand, Managing Director, MVSC, Ketan Vyas said, “We are excited to join hands with Metro Shoes in this attractive JV, which will allow MVSC to partner and grow with best in class shoe retail partner. We are confident that with our experience in manufacturing and sourcing of shoe care, foot care, comfort products combined with Metro’s infrastructure and market presence, this partnership shall achieve sustainable, long term success. Metro’s industry leadership, experience and large market footprint makes an ideal partner for this venture. We look forward to leveraging Metro’s strong brand equity for our businesses.”
As one of the first brands in a highly unorganised market, Metro paved way for the way fashion footwear in India was perceived and bought. With growth in footwear designs, sourcing, expansion and providing employment, Metro Shoes has established itself in a rapidly transforming retail landscape that has seen a number of Indian and International players jostling for space.
Metro Shoes now has a footprint in over 20 states in India and offers all fashion footwear needs under one roof through their multi-branded stores. With its strong brand equity and sales focus, Metro Shoes has carved a niche for itself and is the front runner for consumer needs, designs and relationships.