Veritas advises Cravatex in takeover by Metro Brands

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Veritas Legal advises Cravatex

Veritas Legal has advised Cravatex Brands in a takeover deal offered by footwear retail chain Metro Brands for an undisclosed amount.

Veritas Legal partner Kunal Doshi, senior associate Ankit Kumar, and associates Anamika and Janhavi Rajkumar worked with Cravatex on the deal. Anagram Partners advised Metro Brands and Shardul Amarchand Mangaldas & Co advised Cravatex investor Paragon Partners.

Paragon Partners, an existing investor in Cravatex Brands, will sell its entire stake to Metro as part of the deal. The transaction is contingent on the fulfilment of closing conditions by both parties, the Cravatex regulatory filing said.

BSE-listed Cravatex Brands is a retail, brand licensing, distribution and sourcing company that has the exclusive long-term licence for the Italian sportswear brand FILA, owns sportswear brand Proline, and represents other international brands. Metro Brands, previously known as Metro Shoes, is a multi-brand footwear retail chain and operates from a network of 598 showrooms at 136 cities in India.