Dear Shareholders,

FY23 was a year of adaptation. In the midst of a fluctuating market landscape, we registered our all-time high revenues in FY23 and at the same time, we made tangible adjustments in our business strategy and processes to adapt to changes in the consumer behaviour and keep our business efficient.

The latter half of FY23, especially post-Diwali, brought to light a few challenges. There was a subdued demand in the overall apparel market including the segment that we operate in - ethnic women's wear. Additionally, the transition to Online D2C model had a transient effect on our Online B2B revenues in FY23. In terms of market demand for women's wear, we are optimistic about the overall outlook, especially with the re-implementation of work-from-office models in several organizations. This positive development is expected to drive higher consumption in the women's wear segment.

In our efforts to stay agile and responsive, we have re-evaluated our merchandise structure and delivery systems. This is done keeping in mind the post-Covid world and the new set of consumer expectations that come with it. We are collaborating with our front-end and back-end partners to take feedback and incorporate those in our collections. We have allocated resources to integrate technology, refine our brand perception, and tweak our marketing approaches to be more in line with current consumer or market trends.

We have further broadened our retail reach, by adding 76 exclusive brand stores to our network. This expansion was a strategic move to cater to our diverse customer base across different regions. Additionally, to meet the changing consumer dynamics, we began transitioning our online business to a D2C model. Alongside, our backend saw the completion of a vital migration into a fully integrated warehouse and implementation of a planning and replenishment system, with the aim of refining our operational efficiencies.

Alongside, at our backend operations we have consolidated into a fully integrated warehouse and implemented a planning and replenishment system, with the aim of refining our operational efficiencies significantly.

The road ahead, while clear, will require our consistent attention to detail, an ability to adapt, and resilience. I extend my sincere gratitude to our dedicated team, our business partners, and our shareholders. Their patience, trust, and support have been and will remain pivotal. As we move ahead, we will work collaboratively to the changing terrains and ensure that our strategies align with both our short-term challenges and long-term vision of enhancing value for all our stakeholders.