% 93.20 million and 2 23.78 million, = 0.20 million and nil in Fiscal 2019, 2020 and 2021 and in the three months
ended June 30, 2020 and June 30, 2021, respectively, from our arrangement with such LFS that accounted for
14.34%, 9.05%, 4.31%, 3.33% and nil of our revenue generated from LFSs in such periods, respectively, and
3.84%, 2.38%, 0.95%, 0.19% and nil of our revenue from operations, respectively. While this has not resulted in
any material financial impact on our operations, there can be no assurance that other LFSs will not terminate their
agreement with us in future. For further information, see “Our Business — Sales and Retail Network — Large Format
Stores” on page 180. Further, we generally do not have exclusivity arrangements with LFSs and online retailers,
and accordingly, they may also retail products of our competitors. Under the terms of our arrangements with LFS,
the inventory risk associated with our products is borne by us, and our outlets within the LFS are managed by our
personnel.

We cannot assure you that we will be able to continue to renew the arrangements with these third parties on terms
that are commercially acceptable to us, or at all. We cannot assure you that such third parties shall fulfil their
obligations under such agreements entirely, or at all, shall not breach certain terms of their arrangements with us,
including with respect to payment obligations or quality standards, or shall not choose to terminate their
arrangements with our Company. We may have to initiate litigation in respect of any breach by such third parties,
and such litigation could divert the attention of our management from our operations, and be decided against us,
which may adversely affect our business, financial condition and results of operations.

22, Any failure in our quality control processes may have an adverse effect on our business, results of
operations and financial condition.

Our products may contain quality issues or undetected errors or defects, especially when first introduced or when
new products are developed, resulting from the design or manufacture of the product or raw materials used in the
product. We have implemented quality control processes and regularly conduct inspections of raw materials
sourced from suppliers and finished products manufactured by job workers on the basis of our internal quality
standards. We typically debit amounts owed to suppliers on account of quality issues. For instance, in Fiscal
2019, 2020 and 2021 and in the three months ended June 30, 2020 and June 30, 2021, debits above 2 0.05 million
were 8, 7, 11, nil and two instances, respectively, and such amounts aggregated to 2 0.77 million, = 0.83 million,
2 1.75 million, nil and 2 0.42 million, respectively. However, we cannot assure you that our job workers will
always adhere to such standards and that our quality control processes will not fail or the quality tests and
inspections conducted by will be accurate at all times. Any shortcoming in the raw materials procured by us or in
the production of our products due to failure of our quality assurance procedures, negligence, human error or
otherwise, may damage our products and result in deficient products. We have, from time to time, exchanged
products sold to our customers due to quality defects, or otherwise, in accordance with our exchange and returns
policy. In the event the quality of our products is not in accordance with our standards or our products are defective,
our customers may return our products or we may be required to recall or exchange such products at an additional
cost. Such incidents may impact our reputation, which in turn may adversely affect our business, results of
operations and financial condition. We also face the risk of legal proceedings and product liability claims being
brought against us by various entities including customers, LFSs, MBOs and online retailers, for defective products
sold. We cannot assure you that we will not experience any material product liability losses in the future or that we
will not incur significant costs to defend any such claims. A product liability claim may adversely affect our
reputation and brand image, as well as entail significant costs in defending such claims.

23. Our inability to effectively manage our growth or to successfully implement our business plan and growth
strategy could have an adverse effect on our business, results of operations and financial condition.

We have experienced considerable growth over the past three Fiscals and we have expanded our operations and
product portfolio. We cannot assure you that our growth strategies will continue to be successful or that we will
be able to continue to expand further, or at the same rate.

Our plans to expand our store base may not be successful and the implementation of these plans may not result
in an increase in our revenues even though they increase our costs. For instance, we previously set-up a
subsidiary, Go Fashion FZE in Dubai, to expand our operations and establish a presence in UAE. However, the
subsidiary was liquidated with effect from February 4, 2019, as it was no longer operationally viable.
Additionally, new stores that we open may place increased demands on our existing financial, operational,
managerial and administrative resources, which could cause us to operate less effectively. Our new stores may
not be immediately profitable and, as such, we may incur losses until these stores become profitable. Any failure
to successfully open and operate new stores would adversely affect our results of operations. Further, in the
event our stores do not meet the performance expectations, it may result in closure of such stores.

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