METROBRAND

** JM Financial initiates Kalyan Jewellers KALN.NS with "buy"; sets PT at 700 rupees

** PT implies ~19% upside to current price of 586.45 rupees

** Brokerage says co developed strong brand profile, hyperlocal approach to cater to different needs of customers across India

** Adds co's franchisee model of expansion capital-efficient, enables faster store rollouts

** Notes jeweller has ample scope for further expansion as it needs 5-6 years of keeping its current pace to be on par with larger rival Titan's TITN.NS 'Tanishq' brand in terms of store count

** Says KALN's valuation remains attractive, with stock trading at discount to TITN and also other discretionary cos like Avenue Supermarts AVEU.NS and Metro Brands METB.NS

** KALN trading flat on the day

(Reporting by Ananta Agarwal in Bengaluru)

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Repeats story that ran yesterday in the Asian time zone, with no change to text

By Dhwani Pandya, Arpan Chaturvedi and Elisa Anzolin

MUMBAI/MILAN, July 2 (Reuters) - Indian footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

After viral photos from a fashion show drew criticism from Indian artisans who make the sandals - named after a historic city in Maharashtra state - Prada was forced to acknowledge that its new open-toe footwear was inspired by ancient Indian designs.

"Prada 0: Kolhapur 1," said an Instagram post by e-commerce website Shopkop, whose founder Rahul Parasu Kamble's open letter to Prada pointing out the footwear is "soaked in tradition" was reshared 36,000 times on social media.

"I saw the controversy as a way to promote Kolhapuri," said Kamble, 33, who has seen sales of sandals he sources from local artisans touch 50,000 rupees ($584) in three days, five times the average.

Social media has been abuzz in recent days with criticism and sarcastic memes, with politicians, artisans and a trade body demanding due credit to Indian heritage.

Prada 1913.F has said it will arrange follow-up meetings with artisans. In a statement to Reuters on Tuesday, it added the Italian group intends to make the sandals in India in collaboration with local manufacturers, if it commercialises them.

BREEZY ADS, BIG DISCOUNTS

India's luxury market is small but growing, with the rich splurging on Lamborghini cars and pricey watches. Prada does not have a single retail store in India and its products are usually reserved for the super rich - its men's leather sandals start retailing at $844, while Kolhapuris can be priced as low as $12.

But linking of the Prada name to the Kolhapuri sandals, which are made by around 7,000 artisans, is providing a business opportunity for some.

Mumbai-based Ira Soles is running new Facebook and Instagram advertisements which proclaim its $32 "Tan Handcrafted Kolhapuris just walked the ramp at Prada ... Limited stock. Global spotlight. Own a piece of what the world is applauding.".

E-commerce website Niira is offering up to 50% discounts on its Kolhapuri slippers it says are "rooted in tradition". Its sales of $18 sandals, that looked like the one Prada showcased in Milan, have tripled, founder Nishant Raut said.

"Why can't an Indian Kolhapuri brand become as big as a Birkenstock," he said.

Handmade in small factories, Kolhapuri sandals, or chappals as they are called in Hindi, are often paired with Indian attire. Similar designs are sold in big outlets of Bata India BATA.NS and Metro Brands METB.NS, and also on Amazon AMZN.O and Walmart's WMT.N Flipkart.

In 2021, India's government said the sandals could achieve $1 billion a year in exports. Though latest estimates are not available, artisans say the business has struggled as consumers increasingly opt for more fashionable, upmarket footwear.

Still, the Prada controversy is breathing new life into a craft that Lalit Gandhi, president of Maharashtra's main industry lobby group, says is "a dying art". Gandhi said he is in talks with Prada to develop a co-branded, limited-edition sandal.

Kolhapur craftsmen Ashok Doiphode, 50, is pinning hopes on a Prada boost. He hand-stitches sandals for nine hours daily but can sell a pair for just 400 rupees ($5).

"If big companies like Prada come, craftsman like me can get a good price."

(Editing by Aditya Kalra and Muralikumar Anantharaman)

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** Shares of footwear retailer Metro Brands METB.NS rise as much as 5.7% to 1214.9 rupees, last up 1.6%

** Co inks strategic partnership with British footwear brand Clarks

** Deal will mark Clarks' official comeback in Indian market, with METB having rights to sell Clarks in all offline and digital channels

** METB to also sell Clarks in Bangladesh, Bhutan, Nepal, Maldives and Sri Lanka

** METB shares, however, down ~2.7% YTD

(Reporting by Ananta Agarwal in Bengaluru)

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June 23 (Reuters) - Metro Brands Ltd METB.NS:

• METRO BRANDS LTD - APPOINTED AS CLARKS EXCLUSIVE PARTNER FOR INDIA AND NEIGHBORING COUNTRIES

Source text: ID:nNSE4rYx5z

Further company coverage: METB.NS

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Feb 28 (Reuters) - Metro Brands Ltd METB.NS:

• SPECIAL DIVIDEND OF 14.50 RUPEESPER SHARE

• INTERIM DIVIDEND OF 3 RUPEES PER SHARE

Source text: ID:nBSE91lGkd

Further company coverage: METB.NS

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** Shares of Metro Brands METB.NS fall ~2.5% to 1,190 rupees

** Stock set for worst week since April 5, 2024, down 5.3% so far

** Footwear retailer posted 3.3% fall in Q3 net profit, while revenue rose by ~10%

** Total expenses climbed 10%

** Analysts' avg rating on METB is "Buy" while peers Bata India BATA.NS and Campus Activewear CAMU.NS are rated "Hold" - LSEG data

** Median PT on METB is 1,300 rupees - LSEG data

** Stock fell ~4% in 2024

(Reporting by Yagnoseni Das in Bengaluru)

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Jan 16 (Reuters) - Metro Brands Ltd METB.NS:

• METRO BRANDS DEC-QUARTER CONSOL NET PAT 945.8 MILLION RUPEES

• METRO BRANDS DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 7.03 BILLION RUPEES

Source text: ID:nNSE1c4CKk

Further company coverage: METB.NS

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Oct 23 (Reuters) - Metro Brands Ltd METB.NS:

• METRO BRANDS- ANTICIPATE DEMAND RECOVERY IN H2, DRIVEN BY FESTIVE, WEDDING SEASON SPENDING

Source text for Eikon: ID:nNSE7SKd2T

Further company coverage: METB.NS

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** Shares of footwear retailer Metro Brands METB.NS down ~2% to 1,319 rupees, set to snap three consecutive sessions of gains

** Co reported Q1 revenue and profit below estimates on Friday, hurt by muted demand

** Analysts' avg rating on stock is "Hold" per LSEG data, in-line with Bata India BATA.NS, Campus Activewear CAMU.NS and Relaxo Footwears RLXO.NS

** Median PT on METB is 1,208 rupees - a 10% discount to last close

** Including session's losses, METB up ~4% YTD vs 4% gain in CAMU, 14% fall in BATA and ~10% fall in RLXO

(Reporting by Manvi Pant in Bengaluru)

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Aug 9 (Reuters) - Metro Brands Ltd METB.NS:

• METRO BRANDS Q1 CONSOL NET PAT 917.3 MILLION RUPEES; IBES PROFIT EST. 999.3 MILLION RUPEES

• METRO BRANDS Q1 CONSOL REVENUE FROM OPERATIONS 5.76 BILLION RUPEES; IBES EST. 6.23 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: METB.NS

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Metro Brands Ltd METB.NS:

• METRO BRANDS - ENTERED INTO LONG TERM DISTRIBUTION AGREEMENT WITH NEW ERA CAP CO

Source text for Eikon: ID:nBSE4K92b9

Further company coverage: METB.NS

** Shares of Metro Brands METB.NS rise as much as 4.9% to 1,198.9 rupees, highest since March 22

** Footwear retailer beats Q4 profit estimates and reports a more than two-fold rise in profit on strong premium footwear demand

** Rev from ops up 7% Y/Y

** Fifteen analysts covering the stock on avg have a "hold" rating; median PT is 1,226 rupees - LSEG data

** Stock has gained 9% so far in May, vs a 0.4% and 0.5% dip, respectively, in rivals Bata India BATA.NS and Relaxo Footwear RLXO.NS

(Reporting by Ashna Teresa Britto in Bengaluru)

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May 22 (Reuters) - Metro Brands Ltd METB.NS:

• METRO BRANDS Q4 CONSOL NET PROFIT 1.55 BILLION RUPEES; LSEG IBES PROFIT EST. 696.7 MILLION RUPEES

• METRO BRANDS Q4 CONSOL REVENUE FROM OPERATIONS 5.83 BILLION RUPEES; LSEG IBES EST. 5.89 BILLION RUPEES

• METRO BRANDS YEAR AGO Q4 CONSOL PROFIT 684.9 MILLION RUPEES, REVENUE 5.44 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: METB.NS

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Corrects last bullet to say METB down ~12% YTD, not up ~10.5%

** Metro Brands METB.NS up ~0.5% at 1,137 rupees, easing from a jump of as much as 6.2%

** Goldman Sachs starts coverage of the footwear retailer's stock with "buy" and 1,450 rupees PT

** Says Metro is better positioned to premiumisation trends than "neutral"-rated Bata India BATA.NS, whose premiumisation initiatives has not managed to revive growth yet

** Bata up 0.6% on the day

** Analysts' avg rating on both Metro and Bata is "hold" -LSEG data

** METB down ~12% YTD, while BATA is down ~16%

(Reporting by Hritam Mukherjee in Bengaluru)

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March 15 (Reuters) - Metro Brands Ltd METB.NS:

• INDIA TRIBUNAL APPROVED SCHEME OF ARRANGEMENT BETWEEN METRO ATHLEISURE AND METRO BRANDS

Further company coverage: METB.NS

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BENGALURU, Feb 1 (Reuters) - Footwear maker Bata India BATA.NS reported a third consecutive drop in its quarterly profit on Thursday, dragged by sluggish demand and higher expenses.

The lower than estimated bottomline of the company, which houses brands like Hush Puppies and Scholl, mirrors peer Metro Brands' METB.NS fourth straight drop in quarterly profit. nL4N3E833Q

Bata India's consolidated profit fell about 30% to 579.8 million rupees (nearly $7 million) in the three months to Dec. 31. Analysts had expected a profit of 1.06 billion rupees, according to LSEG data.

The shoemaker, which is in talks with Adidas ADSGn.DE for a strategic partnership, reported a marginal rise in revenue to 9.03 billion rupees from 9 billion rupees a year earlier, its slowest revenue growth since at least 2019, as per LSEG data.

Expenses rose 4.8% as the footwear retailer's inventory-related costs grew more than half on a year-on-year basis.

The company, which had established itself as a household name among Indians for its tennis shoes, said it opened 54 new franchise stores across the country in the quarter.

Shares of Bata India settled 2% lower ahead of the earnings.

($1 = 82.9669 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru; Editing by Mrigank Dhaniwala)

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** Shares of Metro Brands Ltd METB.NS down 4.8% at ~1,155 rupees

** Footwear retailer misses third-quarter profit estimates on slowing rev growth, rising inventory costs

** METB's rev up 6.1%, it's slowest in at least a year - LSEG data

** Stock falls most since early Oct; slid 4% or lower only twice in 2023

** Management says liquidation of excess inventory to be completed by March - Motilal

** Over 112,000 shares traded, 1.3x the 30-day avg volume

** Fifteen analysts covering METB rate it "hold" on avg; median PT is 1,255 rupees - LSEG data

(Reporting by Nandan Mandayam in Bengaluru)

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BENGALURU, Jan 18 (Reuters) - India's Metro Brands METB.NS, which sells shoes from brands including Fila, Crocs and Mochi, reported its fourth straight drop in quarterly profit on Thursday, hurt by high inventory costs amid slowing sales growth.

The company's net profit fell 12.6% to 978.1 million rupees ($11.8 million) in the October-December quarter, missing analysts' estimate of 1.22 billion rupees, as per LSEG data.

The footwear retailer's inventory-related costs -- which account for about 60% of its total costs since it does not manufacture its own products -- have been steadily increasing for most of the year.

They rose 5% in the December quarter and, along with higher employee and finance costs, pushed total expenses up about 12%.

Metro Brands is the first among listed Indian footwear retailers, including Bata India BATA.NS and Relaxo Footwears RLXO.NS, to report its results.

Its revenue rose 6% to 6.36 billion rupees in the quarter, logging its slowest growth rate since the company went public in late 2021. Metro did not give details on its sales for the period.

The company opened 31 new stores in the quarter, bringing the net stores added this fiscal year to 87.

Metro Brands, recently struck a deal to operate Foot Locker FL.N stores in India, giving it access to brands such as Nike NKE.N and Adidas ADSGn.DE in a move that analysts say will further propel its growth.

Metro Brands' stock price has fallen 8.7% since that deal was announced. Shares closed up lower at about 1% ahead of the results.

($1 = 83.1060 Indian rupees)

(Reporting by Navamya Ganesh Acharya and Varun Vyas in Bengaluru; Editing by Savio D'Souza)

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** Sales from Fila and upcoming Footlocker stores to constitute 50% of Metro Brands Ltd's METB.NS consol revenue over next 3-5 years - Motilal Oswal

** Brokerage sets street-high target of 1,530 rupees on footwear retailer; says METB's "rich" valaution backed by long-term growth scope

** METB shares up 1.5% at 1,277.7 rupees

** Motilal values Fila, Footlocker at around 160 rupees/shr

** However, Kotak Institutional Equities advises investors to "reduce," saying METB's long-term growth fully priced

** Motilal's "buy" on METB better than 15 analysts' avg rating of "hold" - LSEG data

** Stock rose 44% in 2023; rival Bata India BATA.NS was little changed

(Reporting by Nandan Mandayam)

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** Kotak Institutional Equities begins coverage of footwear retailer Metro Brands METB.NS with "reduce" rating and fair value of 1,250 rupees, 7.4% lower than current price of 1,349.4 rupees

** "While there is a lot to like, stock is fully priced" - Kotak

** Says METB's average selling price of 1,450 rupees is highest among listed players

** Expects compound annual growth rate of 18% in revenue from FY23-FY26; says store network expansion is the primary growth driver

** Mean rating of 15 analysts is "hold;" median PT is 1,231 rupees - LSEG data

** METB stock up 2.7%, taking YTD gain to 52.7%; rivals Bata India BATA.NS and Relaxo Footwear RLXO.NS up 1.2% and 0.3% this year

(Reporting by Varun Vyas)

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BENGALURU, Nov 30 (Reuters) - India's Metro Brands METB.NS and Nykaa FSNE.NS rose 5.4% and 2.2%, respectively, on Thursday after inking deals with U.S.-based athleisure chain Foot Locker FL.N which plans to enter the Indian market in 2024.

(Reporting by Ashna Teresa Britto; Editing by Mrigank Dhaniwala)

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BENGALURU, Nov 29 (Reuters) - U.S. footwear and sportswear retailer Foot Locker FL.N said on Wednesday that it is entering the Indian market in 2024 under a deal with Indian peer Metro Brands METB.NS and cosmetics-to-fashion retailer Nykaa.

(Reporting by Hritam Mukherjee and Varun Vyas in Bengaluru; Editing by Pooja Desai)

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** Shares of India's Metro Brands METB.NS up as much as 4.52% to hit record high at 1339.40 rupees

** METB on track to clock third straight gaining session

** Reuters could not immediately ascertain reason behind the stock move

** More than 137,000 shares changed hands by 3:26 p.m. IST, 0.9x 30-day avg

** Mean recommendation of 15 analysts is "hold", median TP is 1,150 rupees - LSEG data

** Stock up ~50% YTD

(Reporting by Hritam Mukherjee in Bengaluru)

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Oct 19 (Reuters) - Metro Brands Ltd METB.NS:

• SEPT-QUARTER CONSOL NET PAT 666.9 MILLION RUPEES VERSUS 762.5 MILLION RUPEES YEAR AGO

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 5.56 BILLION RUPEES VERSUS 4.76 BILLION RUPEES YEAR AGO

Further company coverage: METB.NS

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Aug 24 (Reuters) - Metro Brands Ltd METB.NS:

• RECEIVED ORDER FOR COMPOUNDING

• NO MATERIAL IMPACT ON FINANCIALS, OPERATIONS OR OTHER ACTIVITIES OF CO DUE TO ORDER

Source text for Eikon: ID:nBSE1HHgSy

Further company coverage: METB.NS

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Aug 1 (Reuters) - Metro Brands Ltd METB.NS:

• METRO BRANDS LTD JUNE-QUARTER CONSOL NET PAT 928.3 MILLION RUPEES VERSUS 1.05 BILLION RUPEES

• METRO BRANDS LTD JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 5.83 BILLION RUPEES VERSUS 5.08 BILLION RUPEES

Source text for Eikon: ID:nBSE3MyXpX

Further company coverage: METB.NS

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** Shares of Indian footwear seller Bata India Ltd BATA.NS down as much as 1.05% at 1,649.85 rupees

** Brokerage ICICI Securities expects co to report slowest revenue growth at ~3% y/y in Q1 FY24 among footwear players

** Bata opted for early discounting, cos facing higher inventory have preponed end of season sales by two weeks - ICICI

** Adds Bata offering overall discount of ~15%, lowest among top 5 brands, vs ~19% by peer Metro Brands METB.NS

** Says Metro top pick in footwear sector, co shares up as much as 2.85%

** BATA has risen 0.84% YTD, while METB has jumped 19%

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of footwear specialty retailer Metro Brands Ltd METB.NS fall as much as 5.96% to 828 rupees, mark sharpest intraday pct loss since April 18, 2022

** Stock on track for a third consecutive session of losses, if trend holds

** Co on Tuesday reported a 0.4% YoY fall in Q4 consolidated net profit, while its rev from ops rose ~25% YoY

** Stock's moving average convergence divergence (MACD) line below the signal line since May 17, indicating a bearish bias

** More than 131,000 shares change hands vs 30-day avg of 154,171 shares

** Seven of 10 analysts covering the stock have a "buy" or "strong buy" rating, one has "hold" while two rate it at "sell"; median PT is 1,045 rupees - Refinitiv data

** Including session's loss, stock down ~1.8% YTD

(Reporting by Ashish Chandra in Bengaluru)

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May 23 (Reuters) - Metro Brands Ltd METB.NS:

• MARCH-QUARTER CONSOL NET PAT 684.9 MILLION RUPEES VERSUS 687.9 MILLION RUPEES

• MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 5.44 BILLION RUPEES VERSUS 4.03 BILLION RUPEES

• FINAL DIVIDEND 1.5 RUPEES PER SHARE

Source text for Eikon: ID:nBSE9RGmwH

Further company coverage: METB.NS

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By Praveen Paramasivam

CHENNAI, April 27 (Reuters) - India's Shoppers Stop Ltd SHOP.NS on Thursday said it expects its revenue to grow in double-digits this fiscal year, as the department store chain aims to bring in more brands and add two dozen stores.

The retailer seeks to open between 10 and 12 department stores and a similar number of beauty stores in the year ending March 2024, after launching a combined 23 stores last fiscal, Chief Executive Venu Nair told Reuters.

It ended the previous fiscal year with 270 locations.

Shoppers Stop, which is spread across 52 cities, is focusing on opening department stores in new locations, mainly in non-metro cities, Nair said.

Several apparel and footwear chains including Metro Brands Ltd METB.NS and Arvind Fashions Ltd ARVF.NS, which sells Calvin Klein in India, are also doubling down on smaller cities to tap the growing middle class.

With brands scrambling for workers to charge their expansion, Nair said labour availability is "an area which needs to be kept an eye on," with Shoppers Stop employing 40-100 workers at each of its department stores and 8-10 workers at all of its beauty outlets.

The company is also sharpening its focus on its beauty business, acquiring the exclusive distribution for 15 brands last year to cash in on the growing demand for skincare and makeup products from consumers returning to their post-pandemic lifestyles.

Shoppers Stop last month signed a distribution deal with Japan's Shiseido Co Ltd 4911.T to launch its Nars Cosmetics in India.

However, Nair said sales in February and March were "muted," partly due to high inflation, although he said Shoppers Stop has recorded some improvements in the second-half of April.

He also added there could be some price cuts as apparel and textile raw material prices have come down in recent months.

Shoppers Stop on Wednesday swung to a quarterly profit, benefitting from demand for beauty products and higher margin private-label clothing.

(Reporting by Praveen Paramasivam in Chennai; Editing by Sonia Cheema)

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