Metro Brands Limited vs Relaxo Footwears Limited
Metro Brands holds the stronger position because it faces less rival pressure while running a larger, still-growing store network with stronger margins.
Metro Brands Limited
Indian footwear retailer running 1,032 owned stores selling Crocs, FILA, Clarks, and its own brands
Relaxo Footwears Limited
Indian mass-market footwear maker behind Hawaii chappals and Sparx sandals
Dimension by dimension
| Dimension | Metro Brands Limited | Relaxo Footwears Limited |
|---|---|---|
| staying power of the core product | Metro's retail model selling Crocs, FILA, Clarks and its own brands keeps expanding, with 1,032 stores across 221 cities and TTM revenue of ₹2,864 crore. | Relaxo's mass-market chappals and sandals remain everyday essentials, but FY25 revenue fell about 4% and FY26 is projected roughly flat. |
| exposure to AI | Physical retail and store operations are similarly unlikely to be absorbed by AI. | Physical footwear manufacturing is unlikely to be absorbed by AI. |
| how easily a giant copies them | A large player, notably Reliance Retail, could copy Metro's multi-brand retail licensing approach. | A large player could copy Relaxo's mass-market chappal and sandal designs. |
| pressure from rivals | Metro faces some share loss to digital-first brands on Myntra and Flipkart in the value tier, but Reliance Retail's licensing threat has not yet materialized. | Relaxo is losing ground to Metro Brands and Campus Activewear in mid-market and athleisure, and Sparx is also ceding share to Nike, Adidas and Campus. |
| financial footing | Metro posted TTM revenue of ₹2,864 crore with TTM net income of ₹411 crore, a stronger profit base relative to revenue. | Relaxo posted FY25 revenue of ₹2,790 crore, down about 4% YoY, with a 13.7% EBITDA margin and 6.1% PAT margin. |
| overall competitive pressure | Metro faces narrower, contained pressure, limited to some share loss to digital-first brands in the value tier, while its store count and revenue continued to grow, as assessed July 2026. | Relaxo faces pressure across multiple fronts, ceding share to Metro Brands and Campus Activewear in mid-market and athleisure, and to Nike, Adidas and Campus in the Sparx line, alongside a roughly 4% revenue decline in FY25, as assessed July 2026. |
Questions people ask
- Is Relaxo losing market share to Metro Brands?
- Yes, Relaxo's own pressure notes state it is trailing Metro Brands and Campus Activewear in the mid-market and athleisure segments. Its Sparx brand is also losing ground to Nike, Adidas and Campus.
- Which company could AI disrupt more, Relaxo or Metro Brands?
- Neither is expected to be disrupted by AI in a meaningful way. Relaxo makes physical footwear and Metro runs physical retail stores, and both are marked unlikely to be absorbed by AI.
- Could a big company like Reliance copy Metro Brands or Relaxo?
- Both face this risk marked as possible. Metro's retail and licensing model could be copied by Reliance Retail, which is described as a watch item rather than a shipped threat, while Relaxo's mass-market designs could similarly be replicated by a larger player.
- Which is more profitable, Relaxo or Metro Brands?
- Metro Brands shows stronger profitability, with TTM net income of ₹411 crore on TTM revenue of ₹2,864 crore. Relaxo's FY25 numbers show a 6.1% PAT margin on ₹2,790 crore revenue, a thinner profit slice by comparison.
- Is Metro Brands facing any real competitive threats?
- Metro faces some erosion from digital-first brands on Myntra and Flipkart in the value price tier of Rs 1,000 to 2,500. A bigger potential threat is Reliance Retail's licensing approach, though that is still described as unshipped.
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