Report). We will also look at selectively expand our presence across LFSs as our LFS partners grow their presence
across India.

Our experience in developing and operating stores in our existing markets in India provides us with the experience
and resources that we require to facilitate our expansion. We are currently presently in most parts of the south and
west regions and intend to deepen our penetration in such regions, where there could be potential for further
expansion. In addition, we also intend to add additional stores in the north and east regions in India where we are
focused on developing our presence. As part of our efforts to open additional stores we intend to undertake detailed
market research and analysis to identify potential locations for such stores. We will continue to adopt a methodical
approach in evaluating and selecting suitable locations for the establishment of new stores, such as local
population density, rental lease rates, market potential, accessibility and proximity to our competitors. While our
Same Store Sales Growth was impacted in Fiscal 2021 on account of COVID-19 and was (36.75)% compared
with 11.37% in Fiscal 2020, we expect that going forward our Same Store Sales Growth will be a key driver for
our expansion and expansion.

Grow sales through online channel

Factors such as increased internet penetration, increased usage of smart phones, convenience provided by e-
retailing in terms of payment and return policies as well as discounts offered, coupled with a low base effect is
enabling e-retailing’s sharp growth in the recent years. E-retail in India has witnessed rapid growth and is expected
to reach 9.9% (or = 7,800,000 million) of the total retail market by Fiscal 2025 from its share of 4.6% in Fiscal
2020 (or US$ 37 billion) and is expected to grow at rate of 23%. Between Fiscal 2015 and Fiscal 2020, e-
commerce sales have grown at CAGR of 44%, It is estimated that in Fiscal 2020, e-tail’s share in apparel and
accessories was over 17.5% and this share is expected to reach to approximately 22% by Fiscal 2025. In addition,
e-commerce being the only retail medium available during lockdowns imposed on account of COVID-19, the
pace of adoption of online purchase has further accelerated and has emerged as an important channel for apparel
and lifestyle retail. The e-retailing sector is expected to further grow in the coming years. (Source: Technopak
Report) Historically, our revenue from operations from online channels have been relatively low in part given that
we not focused on sales from online marketplaces and we typically do not discount our products. Our revenue
from operations from online channels have however, grown significantly at a CAGR of 82.21% from % 35.97
million in Fiscal 2019 to = 119.40 million in Fiscal 2021 and was % 20.00 million in the three months ended June:
30, 2021, as a result of increased focus on online channels. We continue to focus on further strengthening our
online sales channels to benefit from evolving customer trends in our market. We propose to make investments in
digital channels to build an omni-channel engagement experience for our customers and have a dedicated team
for our e-commerce operations. We also intend to leverage our existing capabilities to increase our online presence
by improving and upgrading our website. Our focus will be to target customer acquisition to drive sales through
our website and online marketplaces. In addition, we intend to invest in content generation to build engagement
with a younger audience. We will continue to focus on analytic technologies to create personalized journeys for
customers. Through these measures, we aim to expand revenue generating channels as well as become a digitally
relevant brand for Indian women in the bottom-wear segment.

Leverage technology to bring cost efficiency and enhance customer experience

We intend to further improve our operating efficiency and ensure efficient supply chain management through
global best practices. Among the measures that we intend to undertake include investing further in our IT
infrastructure to improve productivity and time savings. We will look to expand and upgrade our warehouse to
optimize our inventory and supply management. We intend to strategically expand our warehouse operations as
well as implement new technologies to further expand and improve customer deliveries and enhance customer
buying experience with faster dispatches. We intend to also undertake data analytics that will allow us to better
understand customer preferences, improve sales and help scale our operations.

Our Business Operations

We are a women’s bottom-wear brand in India, with a market share of approximately 8% in the branded women’s
bottom-wear market in Fiscal 2020. The women’s apparel market is estimated to be approximately 36% of the
total apparel market while the women’s bottomwear market contributed 8.3% of women’s apparel market
amounting in Fiscal 2020 (Source: Technopak Report). We undertake product development, design, sourcing,
marketing and retailing of wide portfolio of women’s bottom wear apparel under our “Go Colors” brand of
clothing. We sell our products across India and through multiple sales channels. The map below illustrates the
geographic spread of our retail network across states in India, as of September 30, 2021:

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