Red Robin Shares React to Income Tax Department Searches
Shares of Red Robin, the popular footwear and clothing maker, on Tuesday, September 16, informed the stock exchanges that the Income Tax Department conducted search operations at some of its offices between September 11 and September 16, 2025.
Income Tax Raid on RedTape
In a filing to the exchange, the company stated that it has fully cooperated with the tax authorities throughout the search, submitting all required clarifications and documents. RedTape also assured stakeholders that its business activities remain unaffected and continue as normal.
We will continue to provide additional information or clarifications as required and fulfill our disclosure obligations under the law, from time to time,” the company emphasized in the filing.
RedTape Splits from Mirza International
RedTape went public on the stock exchanges in August 2023 following its separation from Mirza International, a move that had been in the works since November 2021. At the time of the demerger announcement, RedTape represented nearly 55% of Mirza International’s total sales, highlighting the brand’s significant contribution to its parent company’s revenues. This split was officially approved by the National Company Law Tribunal (NCLT) in February 2023. Despite the separation, the Mirza family retains a 71.80% stake in RedTape Ltd as the promoter.
RedTape Stock Performance
In light of the tax-related developments, the market reaction has been somewhat subdued. On Monday, RedTape shares closed 1.06 percent lower at Rs 137.24. However, the stock has seen positive momentum over the past few weeks, gaining 10 percent in the last month.
About RedTape
RedTape has established itself as a leading global footwear and clothing brand for men, women, and kids, offering world-class quality and international style in footwear, apparel, and accessories. With a presence in 17 countries across six continents, including India, the UK, the USA, and Australia, the brand continues to expand its reach.
