Outlook

The next fiscal is going to be a race to normalcy for the industry with re-invigorated market
sentiments. Your Company is looking at the new fiscal with cautious optimism around markets
and consumer preferences. The Indian economy is headed towards a steady recovery, glimpses
of which was evident during the festive season of FY22. As vaccination drives progress
throughout the country, consumers are expected to get back to shopping with renewed
confidence. As mobility picks up, the demand for categories including formals, occasion wear,
festive wear and accessories will recover. For long term, India remains on a strong value creation
path considering the underlying growth drivers like favourable demographics, increasing per
capita & disposable income and growing consumption. With a In FY 22, your Company also
announced a tie-up with one of India’s youngest next-gen designer Masaba Gupta. In line with
expanding the portfolio to cover new emerging segments, Your Company made a bold foray into
the growing sportswear space through signing up for acquiring the India business of Iconic
global sportswear brand, Reebok. digitally and structurally transformed business, your Company
is on a growth trajectory to make the most of post-pandemic opportunities. Your Company’s
capital structure has undergone a significant change, and the balance sheet has been further
strengthened; giving it the necessary foundation to support the ambitious growth plans that it
chases. A strong and healthy balance sheet with a diverse and well-executed portfolio play will
enable your Company to position itself as a leader across all fashion and lifestyle segments,
ranging from value, premium to luxury brands. Conclusion The forces of change engulfing the
world are creating a whole new set of exciting possibilities and unbelievable opportunities. Many
that didn’t even exist yesterday. We are uniquely privileged in that we are not passive recipients
of changing circumstances but can actively shape our destiny. And this tomorrow is for us to
discover and build. Across businesses, we are at the cusp of a transformational growth cycle. As
a business house, we have always made investment decisions based on long-term fundamental
drivers like market opportunity, demography, technology etc. Our strong leadership position
across key businesses has come on the back of bold but calibrated long-term bets. Given the
inherent strengths of your company, we are again at a moment where we are uniquely positioned
to invest for long-term growth and explore new paradigms. An exciting journey beckons