OUR BUSINESS

Some of the information in this section, including information with respect to our plans and strategies, contain
forward-looking statements that involve risks and uncertainties. You should read “Forward-Looking Statements”
on page 14 for a discussion of the risks and uncertainties related to those statements and also “Risk Factors”,
“Financial Information” and “Management's Discussion and Analysis of Financial Condition and Results of
Operations” on pages 22, 218 and 304, respectively, for a discussion of certain factors that may affect our
business, financial condition or results of operations. Our actual results may differ materially from those

expressed in or implied by these forward-looking statements.

Unless otherwise indicated or the context otherwise requires, the financial information for Fiscals 2019, 2020
and 2021 and for the three months ended June 30, 2020 and June 30, 2021 included herein is derived from the
Restated Financial Information, included in this Prospectus, which have been derived from our audited financial
statements and restated in accordance with the SEBI ICDR Regulations and the Guidance Note on Reports in
Company Prospectuses (Revised 2019) issued by the ICAI, as amended from time to time, which differ in certain
material respects from IFRS, U.S. GAAP and GAAP in other countries. For further information, see “Financial
Information” on page 218.

Unless the context otherwise requires, in this section, references to “we”, “us”, “our”, “the Company” or “our
Company” refers to Go Fashion (India) Limited.

Unless otherwise indicated, industry and market data used in this section has been derived from industry
publications, in particular, the report titled “Report on Women’s Bottom Wear Apparel in India” dated October
28, 2021 (the “Technopak Report”), prepared and issued by Technopak Advisors Private Limited appointed on
May 25, 2021, and exclusively commissioned by and paid for by us in connection with the Offer. The Technopak
Report is available on the website of our Company at https:/;www.gocolors.com/investor-relations. Also see,
“Certain Conventions, Use of Financial Information and Market Data and Currency of Presentation — Industry
and Market Data” on page 11.

Overview

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 bottom-wear market contributed 8.3% of women’s apparel market in
Fiscal 2020 (Source: Technopak Report). We are engaged in the development, design, sourcing, marketing and
retailing a range of women’s bottom-wear products under the brand, ‘Go Colors’. We are among the few apparel
companies in India to have identified the market opportunity in women’s bottom-wear and have acted as a
‘category creator’ for bottom-wear. We were the first company to launch a brand exclusively dedicated to
women’s bottom-wear category and have leveraged this advantage to create a direct-to-consumer brand with a
diversified and differentiated product portfolio of premium quality products at competitive prices. (Source:
Technopak Report)

The share of organized retailing within women’s apparel has increased from 19% in Fiscal 2015 to 27% in Fiscal
2020 and is expected to reach 42% by Fiscal 2025. This rapid growth is attributable to a growing female
population, increasing number of working women, evolving fashion trends, and rising spending power of
consumers. In particular, women’s bottom-wear is the fastest growing category in the women’s apparel segment
market and contributes to = 135,470 million in Fiscal 2020 and is expected to grow at a CAGR of 12.35% to reach
2 243,150 million by Fiscal 2025. The organised share of women’s bottom-wear market is expected to reach =
92,400 million with a share of 38% in Fiscal 2025 growing at a CAGR of 24.3% until 2025. The women’s clothing
market in India has evolved in the past decade from the traditional one-piece apparel, like the saree, to a two-piece
and mix-and-match apparel, with bottom-wear becoming an essential category that caters to basic and functional
needs of consumers. Today, bottom-wear has become a must-have that provides comfort as well as style and is a
round-the-year universal category that is not subject to seasonal trends. Historically, the bottom-wear market,
being highly unorganized, has had limited options for consumers to access branded products of consistent quality.
(Source: Technopak Report)

We offered one of the widest portfolios of bottom-wear products among women’s apparel retailers in India in
terms of colours and styles, as of July 2021 (Source: Technopak Report). Our bottom-wear products, which
include churidars, leggings, dhotis, harem pants, patiala, palazzos, culottes, pants, trousers and jeggings, are sold
across multiple categories such as ethnic wear, western wear, fusion wear, athleisure, denims, plus sizes and girls

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