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Reevolv Advisory Services

Private Limited
Indian Ladies Handbag Industry Report
For any queries or detailed information:
Contact us on +91 22 6002 2001 or e-mail at research@reevolv.in
August 2014
Indian Ladies Handbag Industry Report

Table of Contents

Particulars
Page Nos.
1. Executive Summary
4
2. Ladies Handbag Industry Overview

2.1. Market Opportunity
6
2.2. Growth Drivers
7
3. Business Dynamics

3.1. Business Model
9
3.2. Buying Criteria
12
3.3. Key Success Factors
14
3.4. Key Challenges
17
4. Competitive Mapping

4.1. Market Segments
19
4.2. Spread of Brands across Market Segments
20
4.3. SKU concentration of Brands across Market Segments
22
4.4. Brand Positioning and Distribution
24
5. Select Interviews
27
6. Consumer Survey

6.1. Overall
35
6.2. Market segments
40
6.3. Region wise
45
6.4. Tier I Cities
53
7. Equity transaction

7.1. Hidesign
60

Indian Ladies Handbag Industry Report

Particulars
Page Nos.
8. Indian Market Player Profiles

8.1. Adamis
61
8.2. Major Brands (Aldo, Charles & Keith, Guess)
65
8.3. Alessia 74
74
8.4. Baggit
77
8.5. Blue & Blues
82
8.6. Caprese
87
8.7. Da Milano
90
8.8. Esbeda
94
8.9. Fiorelli
98
8.10. Gucci
101
8.11. Hidesign
106
8.12. Holii
112
8.13. Lavie
117
8.14. Lino Perros
122
8.15. Louis Vuitton
127
8.16. Peperone
132
8.17. Rhysetta
135
9. International Players

9.1. Brief Overview of International Players
140
9.2. Case Study - Prada
145
10. Annexure
149



Indian Ladies Handbag Industry Report

1. Executive Summary



















Indian Ladies Handbag Industry Report

2. Ladies Handbag Industry Overview


2.1. Market Opportunity
The market opportunity for Ladies Handbag as derived in this report extends to urban consumers from Tier
1, Tier 2 and Tier 3 cities. Below is the tabulation of the market size across urban Tier 1, 2 and 3 cities:
No. Urban Conglomeration No of Cities Market Size (Rs. Mn)
1 Tier 1 Cities
NCR
MMR
Bangalore
Pune
Kolkata
Ahmadabad
Hyderabad
Chennai
2 Tier 2 Cities
3 Tier 3 Cities
Grand Total
Source : Reevolv Consumer Survey, Reevolv Research, Mckinsey Global Institute - Indias urban awakening report










Tier 1: Delhi-NCR, MMR (Mumbai Metropolitan Region Mumbai, Navi Mumbai, Thane) Kolkata, Bangalore, Chennai, Hyderabad,
Pune, Ahmadabad (cities with population of more than 5 million).
Tier 2: Agra, Allahabad, Amritsar, Aurangabad, Bhopal, Coimbatore, Chandigarh, Dhanbad, Durg-Bhilainagar, Vishakhapatnam,
Gwalior, Indore, J abalpur, J aipur, J amshedpur, J odhpur, Kannur, Kochi, Kanpur, Kollam, Kota, Kozhikode, Ludhiana, Madurai,
Malappuram, Lucknow, Meerut, Nashik, Patna, Nagpur, Raipur, Rajkot, Ranchi, Srinagar, Surat, Thiruvananthapuram, Thrissur,
Tiruchirappali, Vadodara, Varanasi and Vijaywada. (Cities with population of 1 to 5 million).
Tier 3: Ajmer, Aligarh, Amravati, Asansol ,Bareilly, Belgaum, Bhavnagar, Bhubaneswar, Bikaner, Bokaro, Cuttack, Dehradun,
Durgapur, Erode, Firozabad, Gorakhpur, Gulbarga, Guntur, Guwahati, Hubli-Dharwad, J alandhar, J ammu, J amnagar, J hansi,
Kolhapur, Malegaon, Mangalore, Moradabad, Mysore, Nanded, Nellore, Puducherry, Rourkela, Saharanpur, Salem, Sangli, Siliguri,
Solapur, Tiruppur, Ujjain, Warangal (cities with population of 0.5 to 1 million).
Indian Ladies Handbag Industry Report

2.2. Growth Drivers





















Indian Ladies Handbag Industry Report

3. Business Dynamics
3.1. Business Model
The graphical representation of the prevalent business model in Ladies Handbag industry is depicted
below:

3.2. Buying Criteria

3.3. Key Success Factors

3.4. Key Challenges







Indian Ladies Handbag Industry Report

4. Competitive Mapping
4.1. Market Segments
The graphic representation of the segments is as under:

4.2. Brand Spread across Market Segments


Leather Handbags:
The leading leather handbag brands as populated in the table below with the products across market
segments.
Brand
Mass
(<Rs 2500)
Semi Premium
(Rs 2501 Rs
4500)
Premium
(Rs 4501 Rs
7000)
Luxury
(>Rs 7000)
Adamis
Blue and Blues
Da Milano
Gucci
Hi-design
Holii
Louis Vuitton


Indian Ladies Handbag Industry Report

Non-Leather Handbags:
The number of brands in non-leather segment is considerably higher compared to leather. For analysis
purpose, only leading brands have been considered. The same brands are covered under the company
profiles section of this report.
Brand
Mass
(<Rs1500)
Semi Premium
(Rs1501Rs3000)
Premium
(Rs3001Rs4500)
Luxury
(>Rs4500)
Aldo
Alessia74
Baggit
Caprese
Charles & Keith
Esbeda
Fiorelli
Guess
Lavie
Lino Perros
Peperone
Rhysetta








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4.3. SKU concentration of Brands across Market Segments


Leather Handbags:
The SKU concentration of respective brands across market segments can shed further light on the target
segments of the brands. The graphical representation of SKUs across brands and market segments is
shown below:

Non-Leather Handbags:










0%
50%
100%
1 2 3 4
0%
50%
100%
1 2 3 4 5 6 7 8
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4.4. Brand Positioning and Distribution


Leather Handbags:
The table below populates the various brands with their brand position, target customers and distribution
mechanisms, along with the segments their respective products cater to.
Brand Positioning
Target
Customer
Significant
Presence
Distribution M SP P L
Adamis
Blue & Blues
Da Milano
Hi-design
Holii
M - Mass Segment (<Rs 2500), SP - Semi Premium (Rs 2501 Rs 4500), P - Premium (Rs 4501 Rs 7000), L - Luxury (>Rs 7000), EBO Exclusive
Brand Outlet, MBO Multi Brand Outlet, CECP Company owned E-com Portal ,OEC - Other E-Com Portals, TC Traditional Channels of retailers
and wholesalers, NS Not Specific, NA Not available

Non-Leather Handbags:
Brand Positioning
Target
Customer
Significant
Presence
Distribution M SP P L
Aldo
Alessia 74
Baggit
Caprese
Charles & Keith
Esbeda
Fiorelli
Guess
Lavie
Lino Perros
Peperone
Rhysetta
M Mass(<Rs 1500), SP - Semi Premium(Rs 1501 Rs 3000), P Premium(Rs 3001 Rs 4500), L Luxury(>Rs 4500) EBO Exclusive Brand
Outlet, MBO Multi Brand Outlet, CECP Company owned E-com Portal ,OEC - Other E-Com Portals, TC Traditional channels of retailers and
wholesalers, NS Not Specific, NA Not available

Key Takeaways:



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5. Select Interviews
Store Manager , Luxury Brand
Questions Answers
What is the change in customer profile for luxury
handbags?

What are the buying criteria of an individual who buys
luxury handbags?

What is the buying process of luxury hand bags in India?
What are the key attributes of sales team in luxury?
What is important while selling luxury handbags?
How important is training for your sales team?
Who are your target consumers?
Is there any seasonality?
What is your branding strategy in India?
How do the luxury brands choose location for store?
Do you believe that there is market in Tier II cities?
What is the impact of E-Commerce?
How does your distribution network work?
How do they deal with counterfeits?
What is the difference between luxury brand and fashion
brand?



COO of Leading Brand
Questions Answers
What was the premise on which you launched brand
Lavie for handbags in India?

What are the challenges faced?
What is the idea behind brand extension to footwear?
What is the differentiation of brand Lavie?
Do you see ecommerce as a challenge?
How different is the global handbag consumer vs. Indian
consumer?

Do you have in-house production?
What are the critical factors?




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Brand Manager , Leading Leather Handbag Brand


Questions Answers
What are the key buying criteria of customers?
How often do customers buy handbags in a year?
What do customers look for in leather handbags?
How important is sales / discounts season for your
brand?

What is the profile of your target customers?
What are the changes you have incorporated in product
to increase your customer based?

What are the challenges faced by you in the handbag
industry?

Is handbag purchase an impulsive decision?
What is the impact of e commerce in Indian handbag
industry?

What according to you is the difference between
shopping experience in department stores and e-
commerce portals?

How do you plan to address the challenges from the e-
commerce portals?

How often do you come out with a new collection in a
year?

How important is the role of sales executive?
What is your company outlook on brand extension?


Owner of Retail Shop
Questions Answers
What kind of store you have?
What kind of products do you offer to your customers?
What is the price range of the products?
What kind of material product do you sell?
What is the demand for synthetic and leather goods?
What kind of customers you have?
What do these categories look for in a product?
What is the share of customers buying for utility and for
fashion?

How many handbags do your customers buy per year?
What is the average sales price for your products?
From where do you source your goods?
From where do players procure handbags?
Indian Ladies Handbag Industry Report

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What is the kind of customer base you have?


Do you think there is competition from malls etc.?
What do you think about handbags sold by hawkers?
What is the product life for normal usage?
Is there any warranty policy?
How many of your customers demand products from
specific brands?

What are the brands that customer are aware of?
What do you feel is the reason for the same?
Which are the Indian brands that customers are aware
of?

What are the key buying criteria for handbag?
How does a woman typically buy a handbag?
How important is quality?
What is the area of your retail outlet?
How many sales person you have and what is the
salary?


Owner of Handbag Brand
Questions Answers
How different is the northern handbag market to western,
southern or eastern handbag market across India?

How do you think the handbag industry will pan out in
India?

What are the critical success factors in the handbag
industry?

What are the gaps/challenges in the handbag industry in
India?

What are the consumer buying criteria across the
segments such as house wife, working women, students
etc.?

Is handbag purchase an impulsive decision? Do
customers in India have a tendency to wait for a sale/
discount season before making a purchase?

On what parameters are companies differentiating their
products?

What is your target customer profile in India?
How often do you come out with a collection?
What is your distribution strategy?
What according to you are the advantages of having
owned stores/exclusive brand outlet in India?

How do you think the ecommerce platform will affect the
industry? Does having your ecommerce platform better

Indian Ladies Handbag Industry Report

15

than listing in general websites Flipkart, Amazon etc.


What are your future plans?
How do you differentiate yourself from the brand clutter
on e-com websites?

How do you deal with touch and feel needs of the
customers, especially when selling the products on e-
com websites?




Designer - Ladies Handbag
Questions Answers
What are the key considerations while designing a
handbag?

What is the business model adopted by companies?
What are the advantages of outsourcing production to
Southeast Asian countries? Why are the companies not
sourcing the products domestically?

What are the sales channels adopted by the companies?
Is there any seasonality in the handbag sales?
What are the key buying criteria across consumer
segments?

How many times do brands launch their collection?
What according to you are consumer preferences for
Leather and Non Leather Handbags?

What are the typical gross margins across value chain in
ladies handbag?











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6. Consumer Survey
Below are the results of the primary survey of women customers across age groups. The respondents are
from tier 1, 2, 3 and other cities across India. The sample size is xxx. The results of this survey are in four
parts as under:

6.1. Overall
1. How many handbags does she buy?





2. From where does she prefer to buy handbags?







3. At what price does she buy handbags and how long does she use it?
Casual vs. Formal vs. Party / Evening / Special Occasion Handbag






4. What does she look before buying handbags?






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5. When does she buy handbags?










6. In handbags which are the top brands does she buy? And Why?
Brands Awareness Usage Pricing Variety Quality
Baggit
Caprese
Hidesign
Lavie
Esbeda


7. Does she struggle to find a handbag? What according to her are the gaps in the handbag
industry?








8. Does she buy handbags online and from where? If No, is she willing to buy in the future?




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6.2. Market Segment


The handbag market can be mainly be categorized into three broad segments Students, Housewife and
Working woman.
1. How many handbags does she buy?











2. From where does she prefer to buy handbags?


Branded
shops
Malls/ Dept.
stores
Local
shops
Hawkers Exhibitions Hotels Online
Housewife
Student
Working Woman


3. At what price does she buy handbags and how long does she use it?

Housewife Student Working Woman
Casual
Price (INR)
Duration of Usage (Year)
Formal
Price (INR)
Duration of Usage (Year)
Party/ Evening / Special Occasion
Price (INR)
Duration of Usage (Year)

4. What does she look before buying handbags?



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5. When does she buy handbag?

6. In handbags which are the top brands does she buy? And Why?
Usage Awareness Price Variety Quality
Baggit
Housewife
Student
Working Woman
Caprese
Housewife
Student
Working Woman
Hidesign
Housewife
Student
Working Woman
Lavie
Housewife
Student
Working Woman
Esbeda
Housewife
Student
Working Woman

Consumer Views on Top Brands :
Baggit
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Caprese
Hidesign
Lavie
Esbeda

7. Does she struggle to find a handbag? What according to her are the gaps in the handbag
industry?

















8. Does she buy handbags online and from where? If No, is she willing to buy in the future?
Housewife
Students
Working Women












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6.3. Region Wise


1. How many handbags does she buy?
North East West South
Overall
Housewife
Student
Working Woman

2. From where does she prefer to buy handbags?

North South East West
Malls/ Dept. Stores
Comparative preferences across regions
Segment preference for the channel
Branded shops
Comparative preferences across regions
Segment preference for the channel
Local shops

Comparative preferences across regions
Segment preference for the channel
Exhibitions
Comparative preferences across regions
Segment preference for the channel
Hawkers
Comparative preferences across regions
Segment preference for the channel
Online
Comparative preferences across regions
Segment preference for the channel

3. At what price does she buy handbags and how long does she use it?
Price Duration
Causal Handbag
Formal Handbag

Party / Evening / Special Occasion Handbag



4. What do I look before buying handbag?











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5. When does she buy handbag?



North

East

West

South

6. In handbags which are the top brands does she buy? And Why?
Rank as
per Usage
Brands Usage Awareness Price Variety Quality
North
Baggit
Caprese
Hidesign
Lavie
Esbeda
South
Baggit
Caprese
Hidesign
Lavie
Esbeda
West
Baggit
Caprese
Hidesign
Lavie
Esbeda
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East
Baggit
Caprese
Hidesign
Lavie
Esbeda

Top Brands Highlights
North
East
West
South

7. Does she struggle to find a handbag? What according to her are the gaps in the handbag
industry?
Sometimes Never Always Sometimes or Always
North
East
West
South

8. Does she buy handbags online and from where? If No, is she willing to buy in the future?
North
East

West
South


Women who have bought handbags online






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6.4. Tier I Cities
1. How many handbags does she buy?
Tier I Cities
No. of handbags bought
(per annum)
Price - Casual Handbag
(INR)
Duration for which handbag
is used (Years)
Mumbai
Delhi
Pune
Hyderabad
Bengaluru
Kolkata
Chennai
Ahmadabad

2. From where does she prefer to buy handbags?
Tier I Cities
Branded
shops
Malls/ Dept.
stores
Local
shops
Hawkers Exhibitions Hotels Online
Mumbai
Delhi
Pune
Hyderabad
Bengaluru
Kolkata
Chennai
Ahmadabad

Comments
Mumbai
Delhi
Pune
Hyderabad
Bengaluru
Kolkata
Chennai
Ahmadabad

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3. At what price does she buy handbags and how long does she use it?

Casual handbag Formal Handbag
Party/Evening/Special
Occasion Handbag
Price
(INR)
Duration
(Years)
Price
(INR)
Duration
(Years)
Price
(INR)
Duration
(Years)
Mumbai
Delhi
Pune
Hyderabad
Bengaluru
Kolkata
Chennai
Ahmadabad
Casual handbag -
Formal handbag -
Party/Evening/Special Occasion Handbag -


4. What does she look before buying handbags?
Durability/ Quality Price Brand Style/ Design Comments
Mumbai
Delhi
Pune
Hyderabad
Bengaluru
Kolkata
Chennai
Ahmadabad


5. When does she buy handbags?
Tier I Cities
Sale /
Discount
New designs/
Patterns/
Colour
Want to match
with current
trends
Impulse
purchase
Whenever you
need them
Comments
Mumbai
Delhi
Pune
Hyderabad
Bengaluru
Kolkata
Chennai
Ahmadabad
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6. In handbags which are the top brands does she buy? And Why?
Rank
as per
Usage
Brands Usage Awareness Price Variety Quality Comments
Mumbai
Baggit

Caprese
Hidesign
Lavie
Esbeda
Delhi
Baggit

Caprese
Hidesign
Lavie
Esbeda
Pune
Baggit

Caprese
Hidesign
Lavie
Esbeda
Hyderabad
Baggit

Caprese
Hidesign
Lavie
Esbeda
Bengaluru
Baggit

Caprese
Hidesign
Lavie
Esbeda
Kolkata
Baggit

Caprese
Hidesign
Lavie
Esbeda
Chennai
Baggit

Caprese
Hidesign
Lavie
Esbeda
Ahmadabad
Baggit

Caprese
Hidesign
Lavie
Esbeda
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7. Does she struggle to find handbags? What according to her are the gaps in the handbag
industry?
Tier I Cities
Struggle to find handbag Gaps in handbags
Sometim
es
Never Always Variety
Design/
Colours
Price Quality
Availab
ility
None
Mumbai
Delhi
Pune
Hyderabad
Bengaluru
Kolkata
Chennai
Ahmadabad

8. Does she buy handbags online and from where? If No, is she willing to buy in the future?
Tier I Cities
Percentage of women who
have bought online
Percentage of women who
have not bought online but
are willing to buy
Top Websites
Mumbai
Delhi
Pune
Hyderabad
Bengaluru
Kolkata
Chennai
Ahmadabad








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7. Private Equity Deal - Hidesign India


Month & Year
Investor
Investor Company Name
Instrument 1
Instrument 2
Amount invested Instrument 1 (Rs. Mn)
Amount invested Instrument 2 (Rs. Mn)
Total Amount invested (Rs. Mn)
Instrument 1 Equivalent stake (%)
Instrument 2 Equivalent stake (%)
Total equi valent stake (%)
Primary stake %
Secondary stake %
Cumulative stake %
Source : Company Filings and Reevolv Research


Month & Year
(Rs. Mn)
Pre-money
Debt
Cash and cash equivalents
Net Debt
EV
Post-money

Revenues
EBITDA
PAT
ROCE %
ROE %

EV/ Sales (x)
EV/EBITDA (x)
PE (x)
Source : Company Filings and Reevolv Research
Note :
Enterprise Value has been calculated based on Pre-money valuation as we have assumed that the funds invested will take at
least a year to yield profitability
*** - Enterprise Value has been calculated based on Gross Debt assuming that funds raised have not been fully deployed

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8. Market Player Profiles


8.1 XXXX
8.1.1. Overview

Description
Company Name
Founder
Year of Inception/
Incorporation
Inception
Incorporation
About Company /
Brand

Brand(s)

Total no. of Outlets

Production Facilities

Raw Material

Types of Handbag

Distribution

Online Sales

Future Plans

Source Company Website and Reevolv Research
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8.1.2. Location
Tier I Cities
Tier II Cities

State Wise Presence Region Wise Presence

Source Company Website and Reevolv Research


8.1.3. Product Mix
Type of handbags No. of SKU's Price Range (in Rs.)





Source Company website and Reevolv Research

0
2
4
6
1 2 3 4
0
1
2
3
4
5
1 2 3 4
0
1
2
3
4
5
1 2 3 4
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8.1.4. Financials
Profit & Loss Account for the year ended 31st March (Rs. Mn)
FY2009 FY2010 FY2011 FY2012 FY2013
Revenues from Operation - - - - -
Other Income - - - - -
Total Revenues - - - - -
Cost of Materials Consumed - - - - -
Rent, Rates and Taxes - - - - -
Administrative and General Expenses - - - - -
Employee Expenses - - - - -
Selling and Distribution Expenses - - - - -
Other Expenses - - - - -
Total Expenditure - - - - -
EBITDA - - - - -
Depreciation - - - - -
EBIT - - - - -
Interest - - - - -
Profit before Prior Period Items and Tax - - - - -
PBT - - - - -
PAT - - - - -















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Balance Sheet as at 31st March (Rs. Mn)


FY2009 FY2010 FY2011 FY2012 FY2013
Share Capital - - - - -
Share Application Money - - - - -
Reserves & Surplus - - - - -
Shareholders Funds - - - - -
Secured Loan - - - - -
Unsecured Loan - - - - -
Loan Funds - - - - -
Deferred Tax Liability - - - - -
Total Liabilities - - - - -
Gross Block - - - - -
Net Block - - - - -
Capital work in progress - - - - -
Investments - - - - -
Inventories - - - - -
Sundry Debtors - - - - -
Other Current Assets - - - - -
Total Current Assets & Advances excl. Cash &
Bank
- - - - -
Current Liabilities - - - - -
Provisions - - - - -
Total Current Liabilities & Provisions - - - - -
Net Working Capital excl. Cash & Bank - - - - -
Cash & Bank - - - - -
Net Working Capital incl. Cash & Bank - - - - -
Total Assets - - - - -
Source: Company Filings, Totals may not tally due to rounding off errors











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Key Ratios FY2009 FY2010 FY2011 FY2012 FY2013


Expenditure Ratios
Cost of material consumed as a % of Total Revenues
Rent, Rates and Taxes as a % of Total Revenues
Administrative & Other Expenses as a % of Total Revenues
Employee Expenses as a % of Total Revenues
Selling and Distribution Expenses as a % of Total Revenues

Profitability Ratios
EBITDA %
EBIT%
PBT %
PAT %

Return Ratios
ROCE %
ROE %

Financial Ratios
Total Debt / Net Worth
Secured Debt / Net Worth
Total Debt / EBITDA

Turnover Ratios
Working Capital Turnover Ratio
Net Fixed Assets Turnover Ratio
Inventory Days
Debtors Days
Source: Company Filings and Reevolv Research









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9. International Players

9.1 Brief Overview of International Players

9.1.1 XXXX

Description
Company Name
Brand(s)
About
Company/Brand

Popular Products
Target Market
Market Strategy
Geographical
presence

Source : Company Website and Reevolv Research


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9.2 Case Study - Prada


XXXX
The Origin/Start
Management Transition

Key Business Challenges and the way out

No. Challenge Prada Strategy






The Growth engine

Current status
Future plan:

Impressive last three years growth of Prada

Learnings for peers








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10 Annexure
10.1 Ratios
Key Ratios
Cost of Material Consumed %
Cost of Material Consumed
Total Revenues
X 100
Employee Expenses %
Employee Expenses
Total Revenues
X 100
Selling & Distribution Expenses %
Selling & Distribution Expenses
Total Revenues
X 100
Administrative Expenses %
Administrative Expenses
Total Revenues
X 100
EBITDA %
EBITDA
Total Revenues
X 100
EBIT %
EBIT
Total Revenues
X 100
PBT %
PBT
Total Revenues
X 100
PAT %
PAT
Total Revenues
X 100
ROCE %
EBIT
Capital Employed
X 100
ROE %
PAT
Net Worth
X 100
Capital Employed
Total of Asset / Liabilities
(Liabilities =Shareholders funds +Loan Funds +Deferred Tax +Minority Interest)
Working Capital Turnover Ratio
Total Revenues
Net Current Assets excl Cash Bank

Net Fixed Assets Turnover Ratio
Total Revenues
(Net Fixed Assets excl Capital Work in Progress)

Inventory Days
Inventory
(Cost of Material Consumed)
X 365
Debtors Days
Debtors
Total Revenues
X 365
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10.2 Abbreviations
Description
Bn Billon
CAGR Compound Annual Growth Rate
CCD Compulsory Convertible Debentures
CCPS Compulsory Convertible Preference Shares
CECO Company owned E-Commerce portal
CY Calendar Year
EBIT Earnings before interest and tax
EBITDA Earnings before interest, tax, depreciation and amortisation
EBO Exclusive Brand Outlet
EV Enterprise value
FY Financial year
L Luxury
LFR Large Format Retail
M Mass segment
MBO Multi Brand Outlet
MMR Mumbai Metropolitan Region
Mn Million
NA Not available
NCR National Capital Region
NM Not meaningful
NR Not relevant
NS Not specific
OEC Other e-commerce portal
P Premium
P/E Price to earnings
PAT Profit after tax
PBT Profit before tax
ROCE Return on capital employed
ROE Return on equity
SP Semi premium
TC Traditional channel



Indian Ladies Handbag Industry Report

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About Reevolv
Reevolv is a boutique consulting and investment banking company offering a "One Stop Shop" in the areas
of business strategy, financial advisory and operations consulting to corporates and private equity funds.
We service our clients in their constant re-evolution process through our in-depth industry research, domain
understanding, our timely and superior execution capabilities and strong network to provide customized
solutions to our clients.
With a host of implementation focused services spanning across functions, we ensure that our clients reach
the desired goals and objectives in most efficient manner. We achieve sustainability of our initiatives by an
all round involvement of the client resources. This approach of an integrated improvement helps build a
strong foundation for the forward leap of our clients. Reevolv understands and acts upon the Strategic,
Financial and Operational needs of the clients on a regular basis to ensure adaptability and flexibility to suit
the market and industry dynamics.
Founded in 2008, Reevolv is a team of CAs, MBAs and Engineers with functional and industry expertise
and diverse background of investment banking and management consulting.
Disclaimer
This report is published for information only. Reevolv Advisory Services Private Limited or any of its
affiliates, group companies, directors, employees, agents or representatives shall not be liable for any loss
or damages whether direct or indirect that may arise from or in connection with the use of the information
in this document. This document is the sole property of Reevolv Advisory Services Private Limited and
prior permission is required for full or part reproduction.This information is strictly confidential and is being
furnished to you solely for your information. This information should not be reproduced or redistributed or
passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for
any purpose.

Contact Details
For any queries or detailed information contact us on
+91 22 6002 2001 or email at research@reevolv.in
Address: B/002, Vision Court Staney Fernandes Wadi Co-operative Housing Society Limited, Final Plot
No. 746, OPN 115 T.P.S., M.T.N.L. Exchange Lane (College Street), Dadar West, Mumbai 400 028
You can also email the research analyst at
Shilpa Bhattar
shilpa@reevolv.in
Kaustubh Kulkarni
kaustubh@reevolv.in
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