MARKET RESPONDS

Metro Brands shares surged nearly 7% on August 9, following a second day of gains after announcing a partnership with New Era Cap.

Metro Brands entered into a long-term licensing agreement with New Era Cap, a leading American headwear brand.

Metro Brands gains exclusive distribution and sales rights for New Era products in India, including retail and online channels.

The partnership will boost Metro Brands’ expansion in the Indian athleisure market and enhance New Era’s retail presence.

The stock hit a high of ₹1,430.10, gaining over 9% in the last two days and nearing its record high of ₹1,440.45.

Metro Brands’ stock has risen over 25% in the past year, with a 13% increase in 2024 year-to-date.

Metro Brands plans to tap into the growing Indian headwear market by integrating sports culture into the cap industry.

New Era is known for its iconic headwear styles like the 59FIFTY fitted cap, popular among sports fans and fashion enthusiasts.

Metro Brands CEO Nissan Joseph highlighted the partnership as a key milestone to enhance the retail experience and expand the athleisure market.

Metro Brands’ board is set to review and approve the Q1FY25 financial results on August 9, 2024.