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ICICI Securities Report
Competition in wedding-wear segment is increasing at a rapid rate; we estimate ~55% of Manyavar owner Vedant Fashion Ltd.'s dominant business area to be exposed to incremental (and material) competition (Tasva and Ethnix) by FY26.
Our primary research (store visits) and analysis (~4000 stock keeping unit analysis (men sherwani)) indicate:
Vedant's competitive positioning continues to be strong (price/quality/differentiation/data edge),
Tasva is competing through premium positioning (30% premium to Manyavar) but largely through company-owned-company-operated stores,
Ethnix's ability to scale through franchise ranks higher (versus Tasva); they also have differentiated (versus peers) assortment.
However, we believe the number of wedding days will play a larger role in Vedant's performance, while competition help to create the category. Add.
Key downside risks:
slowerthan-expected pick-up in discretionary consumption and
rise in competition from branded retailers.
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