Additionally, we may be required to expend time and financial resources to locate suitable premises to set up
alternate warehouse and may also be unable to relocate to an alternate location in a timely manner, or at all.
Further, if the vacated premises is leased or sold to a competitor, we may also face increased competition in that
geographic area, which could adversely affect, our market share for a particular location, and our business,
financial condition and results of operations. Also see, “ — Current locations of our exclusive brand outlets may
become unattractive, and suitable new locations may not be available for a reasonable price, if at all. In addition,
we are exposed to all of the risks associated with leasing real estate and any adverse developments could
materially affect our business, results of operations and financial condition. Further, we generated a majority of
our sales from our exclusive brand outlets located in Southern and Western India and any adverse developments
affecting our operations in these regions could have an adverse impact on our revenue and results of operations.”
on page 25.

30. We may be unable to grow our business in additional domestic regions, which may adversely affect our
business prospects and results of operations.

We have an extensive retail network, which covers 31 states and union territories in India, as of September 30,
2021. We have traditionally grown our operations in the Southern and Western regions of India and as of
September 30, 2021, 68.63% of our stores were located in these regions. We intend to grow the sales of our
products to customers through expanding our store network in other parts of India, particularly Northern and
Eastern regions in India, since we believe that these markets offer a significant growth opportunity for us.
However, we cannot assure you that we will be able to successfully grow our business in these markets.
Infrastructure and logistical challenges in these regions may prevent us from expanding our presence or increasing
the penetration of our products. Further, customers may be price conscious and we may be unable to compete
effectively with the products of our competitors. If we are unable to grow our business in these new markets
effectively, our business prospects, results of operations and financial condition may be adversely affected.

31. Our industry is competitive and our inability to compete effectively may adversely affect our business,
results of operations, financial condition and cash flows.

The women’s apparel industry in India is fragmented and competes with several regional brands and retailers
present in local markets across the country. The women’s apparel market in India has historically been dominated
by the unorganized sector. Our products compete with local retailers, non-branded products, economy brands and
products of other established brands. We also face competition from in-house brands launched by LFSs including
those launched by LFSs through which we retail our products. Any increase in sale of such in-house brands
launched by LFSs or preference given to such brands by our LFS partners may have an adverse impact on our
business and results of operations.

Some of our competitors may be larger than us or develop alliances to compete against us and may have greater
resources, market presence and geographic reach and have products with better brand recognition than ours.
Competitors that offer an entire range of women clothing may also have greater reach and sales, may be able to
procure raw materials at lower costs than us, and consequently be able to sell their products at lower prices. As a
result, our competitors may be able to withstand industry downturns better than us or provide customers with
products at more competitive prices. Certain regional and national competitors have rapidly expanded value fashion
formats in untapped new markets. Since these towns are experiencing quality retail for the first time, the nature of
these retail offerings might commoditize trends in the apparel industry for the customers. As a result, we will need
to create brands and propositions that provide access to high value products but also create a customer connect to
our brand identity. In addition, international bottom-wear companies may be able to capitalize on their overseas
experience to compete in the Indian market.

Consequently, we cannot assure you that we will be able to compete successfully in the future against our existing
or potential competitors or that our business and results of operations will not be adversely affected by increased
competition. We cannot assure you that we will be able to maintain our market share. Our competitors may
significantly increase their advertising expenses to promote their brands and products, which may require us to
similarly increase our advertising and marketing expenses and engage in effective pricing strategies, which may
have an adverse effect on our business, results of operations and financial condition. See “Industry Overview” on
page 115.

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