• 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
  • Lumen JewelsJewellery
  • 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
  • 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
Private, value apparel, offline-first
Compared with
42 companies
91
Revenue growth
64.8%FY24
4th of 36, beats 91%
Top quartile
19
Gross margin
45.5%FY24
18th of 22, beats 19%
Bottom quartile
72
EBITDA margin
11.5%FY24
10th of 33, beats 72%
Middle half
96
Inventory days
106dFY24
2nd of 27, beats 96%
Top quartile
78
Marketing spend
1.4%FY24
8th of 33, beats 78%
Top quartile
69
Revenue
$103mFY24
14th largest of 43

Profile

Percentile on each metric, whole sector
Saffron StreetListed medianMedian company (50th)

Private vs listed

Group medians, whole sector
Private medianListed medianSaffron Street

Revenue growth

% YoY

Gross margin

% of revenue

EBITDA margin

% of revenue

Inventory days

days of COGS

Marketing spend

% of revenue

Where Saffron Street sits

Every company with a figure, whole sector
Saffron StreetPrivateListedPortfolioMiddle halfMedian
Revenue growth
median 34.1%, 36 companies
64.8%4th of 36
Gross margin
median 55.0%, 22 companies, excl. jewellery
45.5%18th of 22
EBITDA margin
median 8.6%, 33 companies
11.5%10th of 33
Inventory days
median 184d, 27 companies
106d2nd of 27
Marketing spend
median 5.0%, 33 companies
1.4%8th of 33

Closest peers

Value apparel, nearest in revenue
CompanyModelRevenueUSD mGrowth% YoY ↑Gross margin% rev. ↑EBITDA% rev. ↑Inventorydays ↓Marketing% rev. ↓
Saffron StreetOffline-first$103m64.8%45.5%11.5%106d1.4%
Pasar ModaOffline-first$1.2bn–39.8%11.2%123d0.7%
MeridianOffline-first$572m13.8%33.7%16.2%134d0.7%
SundaraOffline-first$539m10.3%34.1%8.1%102d0.3%
Weave BazaarOffline-first$51m12.6%–7.9%–0.6%
Tandem Fashion StoresOmnichannel$26m8.3%–––0.6%
Mandi ThreadsOffline-first$26m23.8%40.3%9.9%–1.3%†
Segment median$103m13.2%39.8%10.6%115d0.7%
Top quartile, in the metric's colourBottom quartile
Sources and method

Kestrel deal files, company filings and market scans, as of 30 Sept 2026. Latest full-year actuals, none before 30 Sept 2023. Revenue at INR 88.6 per USD. Inventory days on COGS. EBITDA before Ind AS 116 and other income. Portfolio companies appear but don't count in statistics. Jewellery gross margin includes metal, so it ranks only against jewellery. † marks low-confidence figures. IPO bar: the 20–25% growth bankers ask for to list a consumer brand at a premium multiple (Kestrel sector call, Sep 2026).

13 companies in this peer set have no current figures:

Chandra Silver Co not extracted
Closet Loop figures before 30 Sept 2023
Drift Denim figures before 30 Sept 2023
Halcyon Swim not extracted
Halo Lab-Grown figures before 30 Sept 2023
Kesari Kids not extracted
Loomlink Sourcing not extracted
Mithila Weaves not extracted
Puddlejump Kids Shoes not extracted
Rewear Club not extracted
Satchel & Co figures before 30 Sept 2023
Vela Watches not extracted
Wovenly not extracted
Sector Analysis · Beacon