Brandman Retail Deep Dive Report
Executive Summary
Brandman Retail is India's leading distributor of premium international footwear brands. Founded in July 2021 by Arun and Kavya Malhotra (22+ years experience in luxury goods), the company holds non-exclusive distribution agreements for New Balance, Saucony, Rockport, G/FORE, and On across India, Sri Lanka, Nepal, and Maldives. With FY25 revenue of ₹135 Cr (+10% YoY) and PAT of ₹21 Cr (+153% YoY), Brandman operates through Exclusive Brand Outlets (EBOs), Multi-Brand Outlets under the "Sneakrz" trademark, e-commerce marketplaces, and D2C website. The company filed for an NSE SME IPO in September 2025, targeting 50 outlets by 2029 in India's ₹12,000 Cr sneaker market growing at 15%+ CAGR.
Key Strengths
- Premium Brand Portfolio: Exclusive distribution for New Balance, Saucony, Rockport, G/FORE, On in India
- Strong Profitability: 23% EBITDA margin with 153% PAT growth YoY
- Multi-Channel Strategy: EBOs, MBOs (Sneakrz), e-commerce, and D2C presence
- Experienced Promoters: 22+ years in luxury goods branding by founders
Key Risks
- Concentration Risk: New Balance accounts for ~72% of total revenue
- Non-Exclusive Agreements: Brand relationships can be terminated or modified
- Competition: Direct brand stores and other distributors competing for same market
- Expansion Execution: Aggressive 50-store target by 2029 requires significant capital
Analyst Insights
Premium sneaker demand is real: India's ₹12,000 Cr sneaker market is growing at 15%+ CAGR, driven by fitness culture, athleisure trends, and premiumization among urban youth.
Sneakrz multi-brand model: The MBO format allows Brandman to capture customers across brands, reducing single-brand dependency while building a retail brand of its own.
New Balance concentration: While 72% revenue from one brand is risky, New Balance is one of the fastest-growing premium footwear brands globally with strong India potential.
Company Snapshot:
Founded: Jul 2021 | Incorporated: Jul 2021
Premium international footwear distributor in India.
HQ: Delhi | Employees: ~50
FY23 Revenue: ₹130 Cr
IPO: NSE SME (DRHP Filed Sep 2025)
Four Distribution Channels
Key Milestones
Revenue Split by Channel
What Brandman Does
Key Insights:
9 premium global brands — Curated portfolio spanning performance running (New Balance, On, Saucony), lifestyle (Timberland, Sperry), and specialty (G/FORE golf, Wilson sports).
New Balance anchors the portfolio — Strong brand recall and growing retail presence across 15 EBOs in North India.
Diversification accelerating — Portfolio expanding with On Running, Saucony, and other premium brands reducing concentration risk.
Multi-geography coverage — Distribution rights span India, Sri Lanka, Nepal, and Maldives with Dubai exports growing rapidly.
Brand Portfolio Details
| Brand | Category | Origin | Status |
|---|---|---|---|
| New Balance | Running / Lifestyle | USA | Core |
| On Running | Performance Running | Switzerland | New |
| Saucony | Running | USA | Core |
| Rockport | Formal / Comfort | USA | Core |
| G/FORE | Golf Footwear | USA | Niche |
| Timberland | Outdoor / Lifestyle | USA | Core |
| Sperry | Boat Shoes | USA | Niche |
| Wilson | Sports Equipment | USA | Niche |
| JanSport | Backpacks | USA | Niche |
Key Insights:
2.9x growth in 2 years — Revenue scaled from ₹46 Cr (FY23) to ₹135 Cr (FY25), driven by New Balance retail expansion and B2B partnerships.
B2B dominates at 56% — Wholesale to large format retailers and e-commerce platforms remains the core revenue engine.
Dubai exports accelerating — Export revenue grew from zero (FY23) to 14% (FY25), signaling successful international expansion.
Retail building brand equity — 22% from EBOs provides customer touchpoints and brand visibility that fuels B2B demand.
Revenue by EBOs (₹ Cr)
| Store Location | FY24 | H1 FY25 |
|---|---|---|
| Vasant Kunj | 3.21 | 2.07 |
| DLF Promenade | 2.85 | 1.89 |
| Ambience Gurgaon | 2.64 | 1.72 |
| Select Citywalk | 2.45 | 1.58 |
| Pacific Mall | 2.12 | 1.35 |
| Other EBOs (6) | 8.73 | 5.89 |
| Total EBO Revenue | 22.00 | 14.50 |
Key Insights:
3.5x store growth planned — From 14 outlets today to 50 by 2029, funded partly by IPO proceeds for aggressive retail expansion.
Sneakrz MBO rollout — 10 new multi-brand stores by 2026, reducing New Balance dependency while building proprietary retail brand.
Premium locations focus — Targeting Adani Airports, high-street malls, and metro cities to capture affluent consumer traffic.
North India stronghold — Current 15 EBOs concentrated in Delhi NCR, with expansion planned to Mumbai, Bangalore, and Tier-1 cities.
Store Expansion Roadmap
Current Footprint
Store Network by Year
| Year | EBOs | MBOs | Total | Change |
|---|---|---|---|---|
| FY22 | 7 | 0 | 7 | — |
| FY23 | 9 | 1 | 10 | +43% |
| FY24 | 11 | 2 | 13 | +30% |
| FY25 | 12 | 2 | 14 | +8% |
| FY26E | 18 | 6 | 24 | +71% |
Market Context
India's sneaker market is estimated at ₹12,000 Cr and growing at 15%+ CAGR, driven by rising fitness culture, athleisure trends, and premiumization among urban consumers. The premium segment (₹5,000+) is growing faster at 20%+ as aspirational consumers trade up from mass-market brands. New Balance, Brandman's largest brand partner, has seen global revenue growth of 20%+ annually and is one of the fastest-growing premium footwear brands worldwide. The company's focus on performance and lifestyle positioning aligns well with Indian consumer preferences.
IPO Details
Exchange: NSE SME
Issue Type: Fresh Issue
Issue Size: 47.78 Lakh Shares
DRHP Filed: Sep 2025
Use of Proceeds: New store openings, working capital, corporate purposes