KIAASA RETAIL LIMITED

Sells women's ethnic wear under the Kiaasa brand through Exclusive Brand Outlets (EBOs), targeting value-conscious Tier 2 and Tier 3 consumers at an average selling price of ₹2,000-2,500. As of FY26 it ran 124+ stores across 70+ cities with a customer base of over 5.5 lakh and same-store sales growth of 12.89%. Earnings come mainly from in-store sales at EBOs, an online channel that ships from the nearest physical store and currently contributes 1-2% of revenue, a small Nine99 clearance format that feeds into the EBO network, and newer lines including Kiaasa Divas (girls' ethnic wear) and a DIY custom-garment studio. The cost base is dominated by other operating expenses (23.8% of revenue) and employee costs (10.4%), with capex at 3.3% of revenue funding new outlets at ₹24-25 lakh each. Roughly ₹46 crore of IPO proceeds raised in March 2026 is earmarked for 66 new stores, with management targeting 250 EBOs by FY28, 300 by FY30, and an additional 600-1,000 multi-brand or large-format counters by FY30.