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Yes Securities Report
Relaxo Footwears Ltd. has built a robust position in the mass open footwear segment with a vast presence covering both trade and D2C channels.
Notably, Relaxo Footwear is the only company among its peers to manufacture 100% of its products in-house. We reckon the company should benefit from the premiumisation trend with increasing penetration of the “Sparx” and “Flite” brands.
We initiate coverage on Relaxo Footwears, however, owing to premium valuations we assign a Sell rating to the stock.
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