Not true and not true. Seems like you haven’t worked in a distribution heavy or B2C industry. Distribution moats are difficult to break because they are investment led. For Indian companies targeting the Indian diaspora in the US, the market size is limited and it is just not worth developing their own distribution for. There are large existing distributors that companies would rather work with. Vadilal is one such large distributor and will have inherently large margins and ability to introduce newer products to the market.
Did anyone attend the AGM last week? Would request anyone who attended to please share some notes.
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