Thanks Abhishek, Great work. I went through the story of Hengdeli. I think what worked for them was the fact that they had exclusive distribution rights of renowned international brands which KDDL lacks. Also, it formed a JV with Swatch group to engage in wholesale business of Omega and Rado. Due to this arrangement I believe their procurement costs were lower. As a result, other retailers partnered with Hengdeli to buy watches from them which led to topline and profit growth.
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