across their websites and marketplaces. Unorganized players and manufacturers also have started selling online
at marketplaces like Amazon, Flipkart, Snapdeal at lower price points.

Western majority and premium players like Zara get approximately 85% of their revenue from EBOs and rest
15% from Online Channel. Other Players in Ethnic Segment and with Multi-Channel Presence, like TCNS &
Soch have the below split:

Split of Revenue Across Formats for Key Players

  
 

 

MBOs
LESs

Online
Source: Secondary Research, Technopak Analysis; Data as of 6" July 2021

 

 

 

 

 

 

 

 

 

 

Bottom-wear sales form about approximately 5% of Soch’s Overall revenue, and the company is working on
Online modules to mix-match tops and bottom-wear, whereby customers create a complete look. This is expected
to push bottom-wear sales too.

In Women wear, EBO led brick fashion retail accounts for = 9,450 crores (US$ 1.26 billion) in Fiscal 2020 which
equals a share of 48% in the B&M space and 22% in the overall organised retail space. Specifically, women ethnic
wear accounts for 2 6,300 crores (US$ 0.84 billion) which equals approximately 32% of B&M Ethnic women
wear retail. Go Colors has one of the highest EBO mixes in its distribution mix across major players.

Competition Analysis on Financial and Other Metrics
Revenue from Fiscals 2018 to 2020 indicates that most of the national players like TCNS, Soch, Biba, Go Colors
have witnessed growth. Brands dealing in essential wear like Go Colors, Jockey (Page Industries) and Lux have

witnessed revenue growth.

Revenue of Key Players (@ crores)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“eee UAB ree) Tarte) CAGR
bere AI ) Fiscal 2020 (Biscals 2018 to 2020)
Retail Led Brands
1 Go Colors 188.7 393.6 44.4%
2 Aditya Birla Fashion Retail Limited) 7,181.4 8,742.5 10.3%
3 Biba 718.2 757.2 2.6%
4 Fabindia 1,139.3, 1,165. 1.2%
5 Global Desi & AND (HOAD) NA 399.8 NA
6 Levi's 881.4 NA NA
7 Marks and Spencer 325.2 NA NA
8 Soch 365.1 281.0 (12.3)%
9 Trent 2,066.3 3,17.7 24.0%
10 W, Aurelia, Wishful, Elleven (TCNS) 1,000.9 1,148.7 7.1%
i Zara India 1,219.9 NA
Distribution Led Brands
12 Lux Industries 1,077.5 1,202.6 74%
13 Page Industries (Jockey) 2,551.3 2,945.3 74%
14 Rupa and Company 1,090.8 941.4 7.1%

 

 

 

 

 

 

 

Source: Annual Reports, Secondary Research, Technopak Analysis, Revenue for standalone businesses from MCA reports
Data as of 6" July 2021; Fiscal 2021 not considered as will not depict the correct picture due to COVID-19 impact; NA-Not Available

151
