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Motilal Oswal Report
Metro Brands Ltd. added an important block to its portfolio – Sportwear brand Fila – last month. Fila's FY22 revenue/gross profit of Rs 1.6 billion/Rs 700 million, respectively, may not seem to be significant at present, but over the next three to five years, we believe it has the potential to become a key growth driver for the company.
As of FY20, the sportswear category in India was merely Rs 110 billion out of Rs 960 billion total footwear market size.
With the sneakerization trend growing at two times the overall footwear growth, sportswear could become a dominant category in the footwear market.
Sportswear in the U.S./China has become more than 50%/30%, respectively, of the total footwear market size, and India too is showing similar trends.
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