Sector AnalysisFashion & Apparel
- Pipeline
- Bramble BasicsBrand apparel
- CorallineBrand apparel
- Gilded MothJewellery
- Inara EthnicBrand apparel
- Kadam FootwearFootwear & acc.
- Kumkum GoldJewellery
- KurtiqBrand apparel
- Lensly EyewearFootwear & acc.
- LoomwellBrand apparel
- Mandi ThreadsValue apparel
- Marigold MenswearBrand apparel
- Nakshi HouseJewellery
- Northpaw KidsBrand apparel
- Ochre & InkBrand apparel
- Orrin Fine JewelsJewellery
- Pave & PearlJewellery
- PebblewearBrand apparel
- Saffron StreetValue apparel
- Second StitchResale & rental
- Silverleaf StudioJewellery
- StridewellFootwear & acc.
- Tandem Fashion StoresValue apparel
- Tara Lab DiamondsJewellery
- Tessel BagsFootwear & acc.
- Trailmark OutdoorFootwear & acc.
- Weave BazaarValue apparel
- Portfolio
- Lumen JewelsJewellery
- Listed
- ArcadiaFootwear & acc.
- HollinBrand apparel
- KanchanaJewellery
- Langkah AktifFootwear & acc.
- MeridianValue apparel
- PadmaFootwear & acc.
- Pasar ModaValue apparel
- RatnamJewellery
- Saigon ThreadBrand apparel
- SelvedgeBrand apparel
- SundaraValue apparel
- SuvarnaJewellery
- VarahaBrand apparel
- No current figures
- Ambit SocksFootwear & acc.
- Chandra Silver CoJewellery
- Closet LoopResale & rental
- Drift DenimBrand apparel
- Halcyon SwimBrand apparel
- Halo Lab-GrownJewellery
- Kesari KidsBrand apparel
- Loomlink SourcingB2B sourcing
- Mithila WeavesValue apparel
- Paddock SneakersFootwear & acc.
- Puddlejump Kids ShoesFootwear & acc.
- Rewear ClubResale & rental
- Satchel & CoFootwear & acc.
- Shringar SilverJewellery
- Tavi InnerwearBrand apparel
- Vela WatchesFootwear & acc.
- WovenlyBrand apparel
- Score a company not on the list
Compared with42 companies
Value family-apparel chain in tier-2 and tier-3 towns, ~140 stores, private label, ASP under ₹900.
Live: term sheet signed Aug-26; IC scheduled Oct-26. Deal lead Sofia Lim
Bottom quartileMiddle halfTop quartile
Revenue growth
% YoY
64.8%FY24
4th of 36 Top quartile
+30.7 pts vs median
Listed median 18.2%
Above IPO bar
Gross margin
% of revenue
45.5%FY24
18th of 22 Bottom quartile
−9.5 pts vs median
Listed median 47.7%
EBITDA margin
% of revenue
11.5%FY24
10th of 33 Middle half
+2.9 pts vs median
Listed median 15.5%
Inventory days
days of COGS
106dFY24
2nd of 27 Top quartile
−78 days vs median
Listed median 187d
Marketing spend
% of revenue
1.4%FY24
8th of 33 Top quartile
−3.6 pts vs median
Listed median 2.5%
Revenue
USD m, context
$103mFY24
14th largest of 43
| Percentile | Whole sector43 companies | Private30 companies | Listed13 companies | Value apparel7 companies | Offline-first23 companies | Value apparel, offline-first6 companies |
|---|---|---|---|---|---|---|
| Revenue growth | 914th of 36 | 884th of 25 | 1001st of 12 | 1001st of 6 | 1001st of 20 | 1001st of 5 |
| Gross marginexcl. jewellery | 1918th of 22 | 812th of 13 | 337th of 10 | 1001st of 5 | 339th of 13 | 1001st of 5 |
| EBITDA margin | 7210th of 33 | 893rd of 20 | 468th of 14 | 802nd of 6 | 618th of 19 | 802nd of 6 |
| Inventory days | 962nd of 27 | 1001st of 14 | 922nd of 14 | 672nd of 4 | 932nd of 16 | 672nd of 4 |
| Marketing spend | 788th of 33 | 854th of 21 | 675th of 13 | 07th of 7 | 726th of 19 | 06th of 6 |
Top quartileBottom quartile
| Company | Model | RevenueUSD m | Growth% YoY ↑ | Gross margin% rev. ↑ | EBITDA% rev. ↑ | Inventorydays ↓ | Marketing% rev. ↓ |
|---|---|---|---|---|---|---|---|
| Saffron Street | Offline-first | $103m | 64.8% | 45.5% | 11.5% | 106d | 1.4% |
| Pasar Moda | Offline-first | $1.2bn | – | 39.8% | 11.2% | 123d | 0.7% |
| Meridian | Offline-first | $572m | 13.8% | 33.7% | 16.2% | 134d | 0.7% |
| Sundara | Offline-first | $539m | 10.3% | 34.1% | 8.1% | 102d | 0.3% |
| Weave Bazaar | Offline-first | $51m | 12.6% | – | 7.9% | – | 0.6% |
| Tandem Fashion Stores | Omnichannel | $26m | 8.3% | – | – | – | 0.6% |
| Mandi Threads | Offline-first | $26m | 23.8% | 40.3% | 9.9% | – | 1.3%† |
| Segment median | $103m | 13.2% | 39.8% | 10.6% | 115d | 0.7% | |