The women’s apparel market in India has evolved from the traditional saree, to a two-piece apparel market with
bottom-wear being an ‘essential’ category. Bottom-wear market has historically been unorganized with limited
products, lack of quality products, low pricing power and lack of expansion. Currently, the overall women’s
bottom-wear market is inclined towards the unorganised sector with its share at 77% and the organised share at
23% in Fiscal 2020. However, with growing westernization, increasing disposable incomes and urbanization,
consumers have become more fashion, brand and quality conscious and demand quality branded products (Source:
Technopak Report). We were the first company to launch a brand exclusively dedicated to women’s bottom-wear
category and have been recognized as a category creator for bottom-wear in India (Source: Technopak Report).
Bottom-wear mirrors basic categories in their universality of appeal and functional needs that drives repeat
purchase (Source: Technopak Report). In addition, given that bottom-wear is a ‘core essential’, demand for our
products is consistent across regions where our products are sold. We usually retail our products at our full price
given that core apparel categories have limited discounting (Source: Technopak Report). In our experience, these
factors have enabled us to create a product portfolio that is resistant to redundancy from the vagaries of fashion
trends and seasonality and addresses a large market and have led us to become a unique one-stop platform for
women’s bottom-wear. Our reasonably priced, differentiated and quality product portfolio coupled with our
extensive distribution network of EBOs, LFSs as well as online channel also allows us to sell our products directly
to a wider customer base.

  

 

Multi-channel pan-India distribution network with a focus on EBOs, enhancing brand visibility

We have a multi-channel retail presence across India. Our extensive network of stores allows us to cater to women
across India, and ensures effective penetration of the products we retail. We retail our products directly to
consumers primarily through our network of EBOs and as of September 30, 2021, we operated 459 EBOs across.
118 cities in 23 states and union territories across India. As of March 31, 2021, we had the largest network of
EBOs among key women’s apparel brands in India (Source: Technopak Report).

Further, as of September 30, 2021, we also retailed our products through 1,270 LFSs, such as Reliance Retail
Limited, Central, Unlimited, Globus Stores Private Limited and Spencer's Retail among others, across 499 cities
spanning the entire country covering 31 states and union territories. We also sell our products through online
marketplaces and through our own website. The table below sets forth details of the number of stores and the
revenues generated from our EBOs, LFSs and online sales for the dates / periods indicated:

 

 

 

 

 

 

 

 

‘As of / for the year ended As of / for the year ended As of / for the year ended As of / for the three months
March 31, 2019 March 31, 2020 March 31, 2021 ended June 30, 2021
% of Total Amoun] % of Total % of Total ‘Amount | 2% of Total
No. of | Amount | Revenue | No.of | t | Revenue | No.of | Amount | Revenue | No. of @ Revenue
Stores |< million)| from | Stores| (@ from | Stores | % million)| from | Stores | sition) from
Operations| million) | operations operations alll operations
EBOs) 333 1,859.23 65.18% 448 ale 68.04% 449 1,727.62 68.92% 446 242.50 78.24%
LFSs 925 763.86 26.78% 1,419 10805 26.28% 1,267 551.58 22.00% 1,353 41.66 13.44%
Online 7 33.97. 1.26% 9 38.18 0.97% 13 119.40 4.76% 10 20.00 6.45%
MBOs
and 64 193.42 6.78% 50| 184.66 4.71% 48 108.08 4.31% 48 5.79 1.87%
Others?)
Total 1,329 2,852.47 100.00% 1,926 pe 100.00% 1,777 2,506.68 100.00% 1,857 309.96 100.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes:
(1) EBO includes kiosks and franchise stores
(2) MBOs and others includes sales through multi-brand outlets and garment fairs, exhibitions, events, etc. and scrap sales.

The table below sets forth details of our EBOs and LFSs across various regions as of the dates indicated:

 

 

 

 

 

 

 

 

 

 

 

Number of stores
Si As of March 31, As of June 30,
me 2019 2020 2021 2020 2021
EBOs | LFSs | EBOs | LFSs | EBOs | LFSs | EBOs | LFSs | EBOs | LFSs

South 151 470 189 725 191 626 190 725 191 658
West @) 86 141 124 186 120 153 121 186 118 154
North & 66 188 94 317 97 282 94 317 96 307
East @ 30. 126 41 191 41 206 39 191 41 234

 

 

 

 

 

 

 

 

 

 

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