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