Operating Metrics
Operating Overview
Brandman Retail operates through a multi-channel distribution model with 19 physical stores and digital presence (20 total touchpoints). The store network consists of 14 New Balance Exclusive Brand Outlets (EBOs) and 5 Sneakrz Multi-Brand Outlets (MBOs), plus a D2C website. B2B (Reseller Outright Sales) is the largest revenue contributor at 57.78% of total revenue (FY25), supplying products to large format retailers and e-commerce platforms. Retail channels (EBOs, MBOs, D2C) contribute the remaining 42.22%. The company is targeting aggressive expansion with plans to reach 50 outlets by 2029, primarily through the Sneakrz format in airports and high-street locations.
Store Count Breakdown
Revenue by Channel (FY25)
B2B - Reseller Outright Sales
Products supplied in bulk to large format retailers and e-commerce platforms. Orders serviced through central warehouse with bulk dispatches to partner locations.
| Period | Opening | EBOs Added | EBOs Closed | Closing |
|---|---|---|---|---|
| FY 2021-22 | - | +7 | - | 7 |
| FY 2022-23 | 7 | +1 | - | 8 |
| FY 2023-24 | 8 | +4 | 1 | 11 |
| FY 2024-25 | 11 | +3 | 3* | 11 |
| 9M FY25 (Dec 31, 2025) | 11 | +4 | 1^ | 14 |
* Out of 3 closures in FY24-25, 2 EBO stores were converted to MBOs
^ 1 store converted from EBO to MBO in 9M FY25
Multi-Brand Outlets operating under the "Sneakrz" trademark, currently functional in New Delhi and Bhatinda.
| Period | Opening | MBOs Added | MBOs Closed | Closing |
|---|---|---|---|---|
| FY 2021-22 | - | - | - | - |
| FY 2022-23 | - | - | - | - |
| FY 2023-24 | - | - | - | - |
| FY 2024-25 | - | +2* | - | 2 |
| 9M FY25 (Dec 31, 2025) | 2 | +4^ | 1 | 5 |
* Jasola and Bhatinda stores were originally EBO stores, converted to MBO format
^ Includes 1 store converted from EBO to MBO in FY 25-26
Brandman has distribution rights across South Asia, with primary operations in India and presence in Sri Lanka, Nepal, and Maldives.
EBO Store Locations (14 Stores)
| # | State | City | Location | Store Type |
|---|---|---|---|---|
| 1 | Delhi | Delhi | Ambience Mall, Vasant Kunj | Mall |
| 2 | Delhi | Delhi | Shivaji Marg, Moti Nagar | High Street |
| 3 | Delhi | New Delhi | Select Citywalk, Saket | Mall |
| 4 | Delhi | New Delhi | Unity One Elegante, Netaji Subhash Palace | Mall |
| 5 | Haryana | Gurugram | Ambience Mall, NH-8 | Mall |
| 6 | Haryana | Gurugram | SS Lane, Section 14 | High Street |
| 7 | Haryana | Ambala | Factory Stores, GT Road | High Street |
| 8 | Uttarakhand | Dehradun | Mall of Dehradun | Mall |
| 9 | Uttarakhand | Dehradun | Pacific Mall, Rajpur Road | Mall |
| 10 | Uttar Pradesh | Lucknow | Gomti Nagar Extension | High Street |
| 11 | Uttar Pradesh | Noida | Mall of India, Sector 18 | Mall |
| 12 | Punjab | Jalandhar | Model Town Market | High Street |
| 13 | Gujarat | Ahmedabad | Alpha Mall (Ahmedabad One), Vastrapur | Mall |
| 14 | Chandigarh | Chandigarh | SCO-1, Sector 17 E | High Street |
MBO Store Locations - Sneakrz (5 Stores)
| # | State | City | Location | Store Type |
|---|---|---|---|---|
| 1 | Delhi | New Delhi | Shaheen Bagh, Abdul Fazal Enclave | High Street |
| 2 | Punjab | Bhatinda | Factory Outlet, Barnala Highway, Bhucho Mandi | High Street |
| 3 | Assam | Guwahati | Sahar Ulubari Block 2, GS Road | High Street |
| 4 | Uttarakhand | Dehradun | Rabindra Nath Tagore Marg | High Street |
| 5 | Uttar Pradesh | Greater Noida | Knowledge Park 2 Metro Station | High Street |
State-wise Distribution (All 19 Stores):
Customer concentration metrics showing cumulative revenue contribution from top customers. High concentration indicates key account dependency risk.
| Particulars | FY 2022-23 | FY 2023-24 | FY 2024-25 | 9M FY25 | ||||
|---|---|---|---|---|---|---|---|---|
| ₹ Cr | % Rev | ₹ Cr | % Rev | ₹ Cr | % Rev | ₹ Cr | % Rev | |
| 🥇 Top 1 Customer | 13.40 | 28.94% | 63.26 | 51.29% | 58.55 | 43.27% | 36.61 | 38.41% |
| 🥈 Top 3 Customers | 17.20 | 37.14% | 69.37 | 56.24% | 81.82 | 60.47% | 47.98 | 50.34% |
| 🥉 Top 5 Customers | 18.84 | 40.67% | 70.47 | 57.14% | 88.36 | 65.31% | 50.86 | 53.36% |
| 📊 Top 10 Customers | 21.05 | 45.46% | 72.11 | 58.47% | 93.78 | 69.31% | 52.89 | 55.49% |
Supplier concentration metrics showing cumulative purchase contribution from top suppliers. High concentration indicates supply chain dependency risk.
| Particulars | FY 2022-23 | FY 2023-24 | FY 2024-25 | 9M FY25 | ||||
|---|---|---|---|---|---|---|---|---|
| ₹ Cr | % Purch | ₹ Cr | % Purch | ₹ Cr | % Purch | ₹ Cr | % Purch | |
| 🥇 Top 1 Supplier | 33.18 | 68.34% | 23.33 | 32.39% | 25.64 | 45.14% | 22.86 | 36.40% |
| 🥈 Top 3 Suppliers | 44.35 | 91.36% | 47.68 | 66.21% | 36.89 | 64.93% | 51.22 | 81.58% |
| 🥉 Top 5 Suppliers | 46.04 | 94.83% | 54.90 | 76.23% | 44.15 | 77.71% | 55.77 | 88.83% |
| 📊 Top 10 Suppliers | 46.15 | 95.07% | 55.34 | 76.85% | 50.56 | 89.00% | 60.60 | 96.51% |
Top 1 customer contributes 38-51% of revenue across years. Top 10 customers represent 55-69% of total revenue. Customer diversification improving in 9M FY25.
Top 10 suppliers account for 77-97% of purchases. Heavy reliance on brand principals (New Balance, On, Saucony) for product sourcing is inherent to the distribution model.
| Brand Partner | Agreement Type | Brand | Exclusivity | Date | Term | Royalty/Terms |
|---|---|---|---|---|---|---|
| New Balance India Private Limited | Support Service Agreement | NEW BALANCE | Non-Exclusive | 12/08/2024 | Till agreement ceases to continue | Negotiable Terms |
| ON Avid Sports Singapore PTE. LTD. | Overstock Distribution Agreement | ON | Non-Exclusive | 28/05/2024 | Till agreement ceases to continue | Negotiable Terms |
| ABG-Rockport LLC | Non-Exclusive Distributor Agreement | ROCKPORT | Non-Exclusive | 01/09/2024 | 3 Years | Negotiable Terms |
| ANTA (Licensee Agreement) | Licensee Agreement | ANTA | Non-Exclusive | 01/01/2024 | Till Dec 31, 2034 | 5% Net Retail Sales 7% Net Wholesale Sales |
Non-Exclusive Agreements
All brand partnerships are non-exclusive, meaning brands can appoint additional distributors in India. This creates concentration risk if relationships change.
ANTA Licensee Terms
Longest agreement (till 2034) with royalty structure: 5% on retail sales and 7% on wholesale sales payable to licensor.
ON Running Partnership
Recent partnership (May 2024) for overstock distribution. Brand 2 officially launched in India in October 2024 per RHP milestones.
Expansion Strategy:
🎯 Target Market Strategy
Given the premium nature of Brand 1 (New Balance) and the in-house MBO format "Sneakrz," the Company focuses on identifying high-potential, premium locations that align with the target demographic—urban, fashion-forward, and brand-conscious consumers. The strategy prioritizes visibility, accessibility, and customer experience in locations that offer strong footfall and brand synergy. Plans include expansion to Tier-II cities to strengthen local reach and improve accessibility.
📍 Upcoming Store Launches (5 New Locations)
| # | Location | Type | Strategic Rationale |
|---|---|---|---|
| 1 |
🛫 Navi Mumbai International Airport
Mumbai, Maharashtra
|
MBO | Captures diverse customer base with high spending potential, including domestic and international travellers |
| 2 |
🏙️ Netaji Subhash Place (NSP)
New Delhi
|
EBO | Prominent commercial & residential area targeting urban professionals and affluent consumers |
| 3 |
🏬 DLF Summit Plaza
New Delhi
|
MBO | Strengthens Delhi NCR presence; offers curated selection of premium footwear & athleisure brands |
| 4 |
🏪 HLP Galleria
Mohali, Punjab
|
MBO | Premium commercial hub with maximum visibility & high footfalls; targets residents, professionals & young families |
| 5 |
🎭 India Expo Plaza
Greater Noida, UP
|
MBO | Vibrant retail & entertainment destination with Reliance Smart, Croma, Burger King, Pizza Hut, Miraj Cinema ecosystem |
(NSP Delhi)
(Airport + Malls)