Brandman Retail IPO

Brandman Retail was set up in 2021 and is engaged in the distribution and retail of premium international brands through non-exclusive distribution agreements. It has a product footprint in footwear, apparel, and accessories & equipment that are sold through a mixture of Exclusive Brand Outlets (EBOs) and Multi Brand Outlets (MBOs).

The footwear segment constitutes the biggest part of the business, generating 71.78% of total revenues for 9MFY26. The company is a retailer in the fashion sector following a company-owned, company-operated (COCO) model, having a store network of 14 EBOs and 5 MBOs as of December 31, 2025. The EBOs are the main point of sale for Brand 1 products through a non-exclusive distribution agreement which has a term of 3 years and is extendable for up to 9 years. The Sneakrz concept, under which the MBOs are run, offers selected products from several international brands. Besides that, the company has an integrated online presence, with its ERP system providing real-time inventory visibility across channels. In FY25, ₹102.19 crore of the total sales was generated via the e-commerce channel, accounting for 7.29% of total revenue.

A large part of a company's earnings is attributable to the reseller outright sales model, which accounted for 57.78% of total revenue in FY25. In this model, it sells products in bulk to large format retailers and top e-commerce platforms. Out of the brands it distributes, Brand 1 has been the largest revenue contributor, making up 45.68% of revenue for 9MFY26. The company also has Brand 2 as part of a long-term license agreement until December 31, 2034, Brand 3 through overstock distribution, and Brands 4, 5 and 6 under distributor agreements until December 31, 2026. Besides, the company has a retail partnership with Brand 7, which is valid until December 31, 2027.

On a geographical note, the company has established a vast client base all over India, with Delhi being the biggest market, accounting for 20.34% of revenue for 9MFY26, followed by Haryana at 11.82%, Uttar Pradesh at 7.99%, Uttarakhand at 3.07%, and Gujarat at 3.01%. The company is also present internationally, with exports to Dubai and exports making up a major 48.84% of revenue during 9MFY26.