According to the 1Lattice Report, we are one of the largest and fastest growing multi-brand luxury omni-channel fashion platform in India in terms of revenue in Financial Year ended 2025, serving customers in India and abroad.
We have implemented an omnichannel model that seamlessly integrates our online platform with physical Experience Centers.
We have established a strong and growing international presence, serving a diverse global customer base across multiple countries.
We have established ourselves as a premier luxury fashion destination for Indian Designer Brands.
We have a robust management team and an experienced Board.
The company has in the past incurred losses, negative retained earnings amounting to Rs. 7,102.86 million as of March 31, 2026 and negative net cash flows from operating activities. If its continue to faces an increase in the company's losses or negative retained earnings or have negative cash flows over extended periods, it could have an adverse impact on the company's results of operations, financial condition and cash flows.
The company derives a substantial portion of Total PPUS GMV from the womenswear category (77.70%, 75.66% and 77.88% of its Total PPUS GMV in Fiscals 2026, 2025 and 2024). Any variations in demand and changes in consumer preference for the company's womenswear collection could have a material adverse effect on its business, financial condition, cash flows, results of operations and prospects.
The company depends on its Experience Centers for a significant portion of the company's Total PPUS GMV (its PPUS GMV derived from the company's Indian Experience Centers was 74.72%, 66.41% and 56.20% of the Total PPUS GMV for Fiscals 2026, 2025 and 2024, respectively1). Any disruptions to the operations of these Experience Centers or limitations on its ability to expand and grow these Experience Centers may adversely affect the company's business, financial condition, cash flows, results of operations and prospects.
The company depends on its website and mobile application for the company's online sales (its PPUS GMV derived from the company's online channels was 9.05%, 10.75% and 15.68% of the Total PPUS GMV for Fiscals 2026, 2025 and 2024, respectively2) and relies on mobile operating systems and application marketplaces to make the company's applications available to participants that utilize its platform. Any disruption to the company's website or mobile application, including due to technical issues, cyber-attacks, changes in consumer behavior, or adverse changes in mobile operating system policies or application marketplace placements, could adversely affect its business, financial condition, cash flows, results of operations and prospects.
Changes in international trade policies, geopolitics and trade tariffs, export controls, economic or trade sanctions may materially and adversely affect its business, financial condition and results of operations.
Any inability on the company's part to enhance its presence, increase the company customer base, retain existing customers, increase sales to the company's customers and expand its footprint may adversely impact the company's business, financial condition, cash flows, results of operations and prospects.
The company depends on its top Designer Brands for a significant portion of the company's Total PPUS GMV (Its top 10 Designer Brands contributed 30.24%, 26.54% and 23.44% of the company's Total PPUS GMV in Fiscals 2026, 2025 and 2024). If the company fails to retain its existing Designer Brands or add new designer brands to the company's portfolio in a cost-effective manner, or if the company Designer Brands fails to supply quality products, its business, financial condition, cash flows, results of operations and prospects may be adversely affected.
The company's Designer Brands set their own prices for products that are sold on its online platform. Additionally, the company faces contractual risks relating to the non-exclusive agreements with its Designer Brands, which could affect the company's ability to respond to consumer preferences and trends.
The company may be unable to adequately maintain, protect and enforce its intellectual property rights, and may not be able to prevent others from unauthorized use of the company's intellectual property and other proprietary rights, which could harm its business and competitive position.
The company has incurred indebtedness in the past. Its inability to obtain further financing or meet the company's obligations, including financial and restrictive covenants under its debt financing arrangements and to maintain a high debt service coverage ratio (the company's debt service coverage ratio was 0.08, 0.37, and 0.27 for the Fiscals 2026, 2025 and 2024, respectively) could adversely affect its business, financial condition, cash flows, results of operations and prospects.
