Things which are overvalued can remain overvalued for long long time, naayka can’t have exclusive partnership rightnow due to very low scale and zero presence in offline , valuation matrix will change once model is mixed with online/offline as margins will go down. Its a long long road lot of optimism built in price and these kind of situations result in disappointments in a high probabilistic scenario.
I am bullish on offline retail and that has paid hefty dividends, ABFRL, Shoppers stop and recently arvind fashion.
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