Vedant Fashions - The Business Is Poised For An Acceleration In Rest Of FY25: ICICI Securities

ICICI Securities Report

We visited Mohey exclusive brand outlet in Jayanagar, Bangalore to get first-hand insights on Vedant Fashion Ltd.’s ability to unlock value in women’s wedding and celebration wear market opportunity (which is ~five times higher than men’s wedding and celebration wear market in value terms). Highlights:

1. Scale-up over the last six months has been healthy,

2. competing strongly at mid-premium price point (average selling price of RS 15,000 to Rs 120,000 in lehenga),

3. specialist brand image retailer; it was the only retailer with bride-only outlet vs competition (offering bride and groom wear together) in the same locality.

With the onset of macro tailwinds in rest of FY25 (number of wedding days), the business is poised for an acceleration (in our view). Buy.

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