Vedant Fashions (Manyavar) – Niche Branded Retail

August Concall Highlights:

1. 8 new stores in Q1.
2. International Overall( 3 countries & 8 cities, 7 UAE, 5 USA, 1 Canada)
3. Total stores – 590 across 228 cities & towns.
4. No quarterly guidance provided, gross margin to be viewed annually (66-67%).
5. Q2 is a weaker quarter (12-15% of total sales), Q1 – 24%, Q3 – 33-35%, Q4 – 25-27%
6. Mohey’s SSSG higher than avg SSSG.
7. Will start experimenting with exclusive Mohey stores.
8. Twamev beating internal numbers.
9. Manyavar Mohey stores to be projected as flagship.
10. High change in consumer preferences, no of designs and technology needed for inventory replenishment stack is complex process which certainly they tend to have a MOAT on.
11. Breakdown of revenues by individual Brand is not disclosed, will disclose once scaled up to a certain level.
12. Sales are booked when product are shipped to franchise and not after getting sold to customers.
13. Kids section revenue is single digit right now.
14. Also thinking and monitoring rental market. Willing to pivot to that if needed but no such trend till now.
15. Mohey reached 100 Cr sales in 5 years.