 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of stores
stures As of March 31, As of June 30,
2019 2020 2021 2020 2021
EBOs | LFSs | EBOs | LFSs | EBOs | LFSs | EBOs | LFSs | EBOs | LFSs
Total 333 925 448 1,419 449 1,267, 444 1,419 446 1,353,
Notes:

1. South Region comprises Tamil Nadu, Andhra Pradesh, Telangana, Pondicherry, Karnataka and Kerala

2. West Region comprises Goa, Gujarat and Maharashtra

3. North Region comprises Delhi, Himachal, Haryana, Uttar Pradesh, Madhya Pradesh, Punjab, Rajasthan and
Uttarakhand

4. East Region comprises Assam, Bihar, Chhattisgarh, Jharkhand, Odisha and West Bengal

The table below sets forth details of our EBOs and LFSs across Top 2 Cities, Next 6 Cities, balance Tier I, Tier
II and tier III and IV cities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of stores
ane ‘As of March 31, As of June 30,
2019 2020 2021 2020 2021
EBOs LFSs EBOs LFSs EBOs LFSs EBOs LFSs EBOs LFSs

Top two Cities 70 98 95 103 95 98 94 122 94 93
Next Six Cities 137 257 471 341 173 298 170 342 170 326)
Remaining Tier 24 63 35 92 38 30 37 92 37 97
Cities

Tier Il Cities 45 122 69 167 62 171 67 168 63 188
Tier Ill Cities a7 219 63 291 64 299 61 298) 65 323)
Tier IV Cities 10 166 15 405) 17 311 15 397 17 326,
Total 333 925, 448 1419 449 | 1,267 444 1419 446 | 1,353

 

 

 

 

 

 

 

 

 

 

 

 

‘Notes (Source: Technopak Report):

1. Top two Cities refers to Delhi NCR and Greater Mumbai;
Next six Cities refers to Bangalore, Kolkata, Chennai, Hyderabad, Ahmedabad, and Pune;
Remaining Tier I Cities refers to state capitals;
Tier II cities refers to cities with a population above 1 million and not in tier I;
Tier III cities refers to cities with a population more than 0.2 million and less than 1 million; and
Tier IV cities refers to cities and towns not covered above.

2AAAWN

We have transitioned from sale of leggings through kiosks to sale of our bottom-wear portfolio through EBOs,
which allow us to retail our entire product range. We primarily follow the COCO model of retailing to ensure
efficiency and offer customers a standardized experience and service. We have grown our EBO store network at
a CAGR of 16.12% between Fiscals 2019 and 2021 while our revenue from operations through sales at our EBO.
stores grew by 43.45% from % 1,859.23 million in Fiscal 2019 to 2 2,667.13 million in Fiscal 2020 and was 2
1,727.62 million in Fiscal 2021 and were = 242.50 million in the three months ended June 30, 2021.

Our business development teams help identify viable locations for our EBOs while our projects team ensures that
our stores maintain a standardized look and feel. We also follow a cluster-based approach for store expansion and
have been able to address demand in high-potential markets. As of September 30, 2021, 58.39% of EBOs, i.e.,
268 EBOs were across eight cities in India, ie. Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad,
Kolkata, Mumbai and Pune. As of September 30, 2021, we operate 297 EBOs in high street stores and 162 stores
in malls. Our EBOs are situated in locations that have significant footfalls such as high street locations, shopping
malls, markets in residential areas and airports. Our expansion model has also facilitated ease of inter-store stock
movements allowing us flexibility of maximising benefits from capitalising on supply chain efficiencies. More
EBOs in a particular area ensures better quality management, increases brand visibility, improves recall with
customers and allows us to capitalize on economies of scale resulting in lower operating costs per store and thereby
ensuring higher unit-level profitability.

In our experience, retailing through our EBOs also enhances the brand equity and recall value of our ‘Go Colors’
brand and has allowed us to undertake line extensions, as the shelf space on each EBO is controlled by us. Hence,
‘Go Colors’, has over the years been able to establish itself as a strong direct-to-consumer brand with 2 1,859.23
million, = 2,667.13 million, = 1,727.62 million and % 242.50 million or 65.18%, 68.04%, 68.92% and 78.24% of
our revenue from operations generated from the EBO channel in Fiscals 2019, 2020 and 2021 and in the three
months ended June 30, 2021.

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