Detailed Rationale

Crisil Ratings has reaffirmed its long-term rating of ‘Crisil AA+/Stable’ on the non-convertible debentures (NCDs) aggregating Rs.1250 crore remaining with demerged Aditya Birla Fashion and Retail Limited (ABFRL). The long-term rating on the remaining NCDs (aggregating Rs.500 crore) which shall move to the resultant company i.e., Aditya Birla Lifestyle Brands Ltd (ABLBL) and the long-term bank facilities have been removed from ‘Rating Watch with Developing Implications’ and reaffirmed the rating at ‘Crisil AA+’ and assigned ‘Stable’ outlook, as the overall long-term ratings will not have any change in the event of transfer of Rs. 500 non-convertible debenture and bank facilities to the ABLBL which is rated ‘Crisil AA+/Stable’. The short-term rating on the short term bank debt facilities including commercial paper have been reaffirmed at ‘Crisil A1+’. As the documentation is yet pending, the facilities have not been moved yet.

 

The rating action takes into account the completion of the merger of TCNS Clothing Co Ltd (TCNS) with ABFRL (National Law Company Tribunal Order dated August 16, 2024, and share swap completion on September 03, 2024), completion of equity fund raise of Rs. 4,239 crore in January 2025, and receipt of certified order of the National Company Law Tribunal (NCLT) on April 22, 2025, approving the Scheme of Arrangement among ABFRL (“Demerged Company”), Aditya Birla Lifestyle Brands Limited (“Resulting Company”) and their respective shareholders and creditors.

 

The ratings were earlier placed on watch with negative implications on April 29, 2024, following an announcement on April 19, 2024, by ABFRL that its board of directors had approved a scheme of arrangement between ABFRL and ABLBL and their respective shareholders and creditors. The scheme, inter alia, provides for demerger, transfer and vesting of the Madura Fashion and Lifestyle business (MF&L) from ABFRL to ABLBL. The MF&L business comprises four lifestyle brands (Louis Phillippe, Van Heusen, Allen Solly and Peter England), casual wear brands (American Eagle and Forever 21), a sportswear brand (Reebok) and an innerwear brand (Van Heusen). The remaining retail portfolio, inclusive of Pantaloons and Style-up (Value / Masstige), along with the ethnic, luxury, and digital portfolios will remain under ABFRL.

 

With all necessary regulatory processes having been completed, the company has filed the final certified NCLT order with Registrar of Companies (RoC) on April 23, 2025, with effective date and appointed date as May 01, 2025, and April 01, 2024, respectively. Hence, as of today, the Pantaloons and Style-up businesses, followed by ethnic segment companies including TCNS, and direct to consumer ‘TMRW’ (Aditya Birla Digital Fashion Ventures Ltd; ABDFVL rated Crisil AA-/Rating Watch with Negative Implications) business divisions are officially hosted under demerged ABFRL. In addition, ABFRL has also completed the equity fund raise of around Rs. 4,239 crore in January 2025. Out of the total fundraise, around Rs. 2,379 crore was raised through preferential issue and balance from a qualified institutional placement (QIP) issuance. The preferential issue was subscribed by Pilani Investment and Industries Corporation Ltd (Pilani, rated ‘Crisil AA+/Stable/Crisil A1+’), part of the AB group, aggregating Rs. 1,298 crore at an issue price of Rs. 307.45 per share and ‘Qualified Institutional Buyers’ aggregating Rs. 1,081 crore at an issue price of Rs. 272.37 per share.

 

For full fiscal year of 2025, demerged ABFRL’s revenue increased by around 14% on-year to Rs. 7,355 crore (as against Rs. 6,441 crore during fiscal 2024) on the back of full integration of TCNS, and ramp-up in scale of operations under ‘TASVA’, and strong ramp-up of sales of beauty brand ‘Lovechild – House of Masaba Lifestyle Pvt Ltd’. Post Indian Accounting Standard (Ind-AS) operating margins (operating profit before depreciation & amortisation, interest, and taxes, including other income) expanded by 350 basis points (bps) to around 11.6% on account of demerger adjustment (adjustment on account of discontinuation of inter-division elimination post de-merger), turnaround in profitability of TCNS which reported second consecutive quarter of positive operating profits, turnaround of operations at ‘TASVA’ during the third quarter of fiscal 2025, and 390 bps operating margin expansion under Pantaloons business division owing to superior merchandising, better inventory markdown management, and closure of unprofitable stores in tier II/III markets.

 

Over the medium-term i.e., over fiscal 2026 and 2027 revenues are expected to grow by 10-12%, and post Ind-AS operating margins are expected at around 10-12% over the same period. The growth in revenues shall be driven by scale-up of stores of key ethnic brands and fast fashion ‘Style-up’ followed by ramp-up of digital brands; on the hand, operating margin expansion shall be driven by improving TCNS operating profitability owing to favorable channel mix and narrowing losses of ethnic and digital business divisions.

 

That said, despite the growth in scale of operations and improving margin profile, the financial risk profile is expected to remain adequate owing to improving but modest debt protection metrics, offset by the strong financial flexibility demonstrated by equity fund raises and benefit of being part of the AB Group). ABFRL has done some large acquisitions over the past three-four fiscals, which resulted in debt increasing significantly. This, along with subdued demand for retail apparel, write-down of slow-moving inventories and lower-than-expected profitability ramp-up of acquired ethnic and digital brand businesses materially impacted operating profitability and cash accrual in fiscal 2024 and fiscal 2025. As a result, key debt protection metrics comprising of interest coverage and gross debt to OPBDIT (operating profit before depreciation & amortisation, interest, and taxes) on pre Ind-AS as well as post Ind-AS stood impacted during fiscal 2024; however, post the fund raise, the said ratios have significantly improved in fiscal 2025, for instance, post Ind-AS gross debt to OPBDIT and post Ind-AS interest coverage improved to 5.87 times and 1.51 times respectively during fiscal 2025 as against 11.80 times and 0.94 time respectively during fiscal 2024. With narrowing ethnic and digital businesses losses, pre and post Ind-AS interest coverage is expected to improve around 2-3 times by fiscal 2027; the ratio of net debt to OPBDIT (post Ind-AS) is expected to range between 3.5-4 times until fiscal 2026, and then improve gradually. Furthermore, the company shall maintain a net debt free balance sheet till fiscal 2027 on pre Ind-AS basis, and by fiscal 2028, all long-term debt will be retired. While the management intends to steer the ethnic and digital businesses towards healthy profitability levels over the next 2-3 years, the Rs. 4,183 crore equity fund raise (net of share issue expenses of around Rs. 56 crore) will enable demerged ABFRL to fund capital expenditure requirements of Rs. 200-250 crore per annum, debt repayment obligations of Rs. 500-600 crore per annum, and other business operations.

 

The ratings continue to draw support from the strong managerial, operational and financial support rendered by AB group to ABFRL, one of the few consumer facing business of the AB group. The financial support has been amply demonstrated through successive equity raises in the recent past. Further, the company will continue to benefit from superior financial flexibility, as seen from its ability to raise funds, unutilised fund-based working capital limits of around Rs 2,066 crore, and unencumbered cash and equivalent of around Rs. 2,361 crore as on March 31, 2025.

 

The ratings continue to factor in the company's strong business risk profile, backed by the healthy market position Pantaloons division, and diverse brand portfolio across apparel retail catalog. The ratings also derive support from the company’s superior financial flexibility and the strong operational, managerial and financial support rendered by the AB group. These strengths are partially offset by exposure to intense competition in the apparel retail sector in India, susceptibility to economic down cycles, and the company’s modest financial risk profile. Because of continuous expansions and lower-than-anticipated revenue growth, the company’s operating leverage has remained impacted, resulting in muted profitability.

Analytical Approach

Crisil Ratings has factored in the expected need-based managerial and financial support from the Aditya Birla group in case of an exigency.

 

Crisil Ratings has combined the business and financial risk profiles of ABFRL and its subsidiaries. This is because all these companies are in the same business and have strong financial and operational linkages. In addition, ABFRL’s associate company Wrogn Private Limited (formerly known as Universal Sportbiz Private Limited) has been accounted under equity method.

 

Crisil Ratings has amortised the following goodwill over a period of 5 years:

• Goodwill on acquisition of Jaypore E-Commerce Pvt Ltd, Finesse International Design Pvt Ltd, Sabyasachi Calcutta LLP, House of Masaba Pvt Ltd, and also on acquisition of various direct to customer (D2C) companies/businesses under the D2C arm, Aditya Birla Digital Fashion Ventures Ltd (ABDFVL).
• Goodwill on acquisition of TCNS
• Crisil Ratings has amortised the following brands, trademarks and rights over a period of 10 years:
• Brands/trademarks on acquisition of Jaypore E-Commerce Pvt Ltd, Finesse International Design Pvt Ltd, Sabyasachi Calcutta LLP, House of Masaba Pvt Ltd and on acquisition of various D2C companies/businesses under ABDFVL

 

Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

Healthy market position of Pantaloons business division, and diverse brand portfolio across apparel retail catalog: Pantaloons has pan-India presence with 405 stores as on March 31, 2025, and a high proportion of private labels (~63%), which the management aims to increase. The said division has a strong market position in the Eastern region of the country, which also has the lowest competitive intensity. Its established brand name is driven by the widespread mix of brands which sells through its departmental stores. Furthermore, the private labels form a substantial portion of the sales through its outlets, forming more than 60% of the revenue of the Pantaloons format. Pantaloons retails over 200 brands, of which it has ownership and licences of over 27 brands. The division also has a good geographical mix of stores across the country. The Pantaloons brand began its journey in the Eastern region of the country, post that the brand has diversified across newer geographies

 

In addition, the company’s entry into the ethnic segment through tie-ups with Sabyasachi, Tarun Tahiliani, Shantanu & Nikhil, Jaypore and House of Masaba, and acquisition of TCNS Clothing Co Limited, has also bolstered its market position as this segment has witnessed market consolidation from unorganized players to organized players followed by strong growth potential on the back of festive and wedding seasons in India. The company had expanded its presence in the ethnic apparel retail segment through acquisition of 51% stake in Sabyasachi Calcutta LLP, owner of the Sabyasachi brand, for around Rs 440.84 crore, 51.0% stake in luxury couture business under Tarun Tahiliani for Rs 194.6 crore, 52.44% stake in House of Masaba Lifestyle Pvt Ltd, 80% stake in Indivinity Clothing Retail Pvt Ltd, and 100% acquisition of TCNS Clothing Co Ltd. In November 2022, its wholly owned D2C subsidiary, Aditya Birla Digital Fashion Ventures Ltd (ABDFVL), announced partnership with eight digital-first lifestyle brands for around Rs 289 crore, and during the first quarter of fiscal 2025, the company picked up 17.10% stake in “WROGN” for around Rs. 125 crore, and during October 2024, the company further increased its stake by 15.74% for Rs. 75 crore (32.84% total equity stake in “WROGN” as of October 30, 2024).

 

Strong financial flexibility: While ABFRL has shown a large appetite for acquisitions, it has also shown strong fund-raising ability to partly fund these acquisitions in recent years. ABFRL raised equity of around Rs 1,000 crore through rights issue and Rs 1,500 crore through stake sale to a strategic investor, Flipkart; it has recently raised equity of Rs 2,195 crore (Rs 770 crore received in September 2022 and the balance in March 2024) from General Insurance Corporation, (GIC), Singapore. Furthermore, ABFRL recently completed the equity fundraise of around Rs. 4,239 crore during January 2025 (earmarked for demerged ABFRL’s operations); Rs. 2,379 crore is raised through preferential issue and balance is raised from QIP issuance. The preferential issue has been subscribed by Pilani Investments Ltd, part of the promoter Group aggregating Rs. 1,298 crore at an issue price of Rs. 307.45 per share and ‘Qualified Institutional Buyers’ aggregating Rs. 1,081 crore at an issue price of Rs. 272.37 per share.

 

With the completion of the equity infusion in January 2025, the funds shall provide sufficient cushion over the next 2-3 years management steer the ethnic and digital businesses towards healthy profitability levels the Rs. 4,183 crore funds recently raised through equity (net of share issue expenses of around Rs. 56 crore) will enable demerged ABFRL to fund capital expenditure requirements of Rs. 200-250 crore per annum, debt repayment obligations of Rs. 500-600 crore per annum, and other business operations.

 

Strong operational, managerial and financial support from the experienced AB group: The AB group owns 46.58% of equity shares in ABFRL as on February 28, 2025 (49.24% equity stake as on December 31, 2024), a marginal decline on sequential basis following the fund raise of around Rs. 4,239, with promoter group subscribing to equity worth Rs. 1,298 crore. It is a Fortune 500 company headquartered in Mumbai, Maharashtra, with a presence in around 40 nations. The group has a presence in various industries such as metals, cement, fashion and retail, financial services, fibre, textiles and chemicals. Key personnel in ABFRL are from the AB group. Furthermore, ABFRL is the group's flagship company in the retail sector and is expected to benefit from the group's experience of handling businesses in multiple industries. The group has provided substantial financial support to ABFRL directly by infusing equity, and indirectly by arranging for equity raise from other investors. This has helped ABFRL manage through difficult situations including during covid, as well more recently in fiscal 2025, when Rs. 4,183 crore (net of share issue expenses of around Rs. 56 crore) was raised to take care of requirements for next 2-3 years. Crisil Ratings believes given the criticality of ABFRL to the AB group, need based support will continue to be forthcoming from the AB group going forward as well.

 

Weaknesses:

Intensifying competition for the apparel retail sector in India: ABFRL is one of the largest listed fashion and retail companies in India, with strong brands such as ‘Pantaloons’, ‘House of Masaba – LoveChild’, ‘W’, ‘Aurelia’, ‘Elleven’, ‘Wishful’, etc. The apparel retail sector is competitive. Apart from the Aditya Birla group, many of India's large corporate groups, including Tatas and Reliance Retail Ltd (a step-down subsidiary of Reliance Industries Ltd ('Crisil AAA/Stable/Crisil A1+') also have significant presence in the apparel retail space. Additionally, the sector has established players such as Lifestyle International Pvt Ltd ('Crisil AA+/Stable/Crisil A1+'), Raymond Lifestyle Ltd ‘Crisil AA/Stable/Crisil A1+’) and Shoppers Stop Ltd ('Crisil A+/Stable/Crisil A1+'). Large global apparel chains such as Marks and Spencer Plc and Inditex SA have also entered into joint ventures with local partners, further intensifying competition. However, Crisil Ratings believes the unique positioning of Pantaloons, as well as recent acquisitions in the ethnic segment, will help ABFRL sustain its position as one of the leaders in the domestic apparel sector.

 

Susceptibility to economic downturns: ABFRL remains susceptible to economic downturns owing to the discretionary nature of its products. This renders revenue and profitability vulnerable to economic cycles. In a cautious spending scenario, discretionary segments such as gems and jewellery and apparel are impacted the most while non-discretionary segments such as food and grocery and pharmacy are impacted less. For instance, temporary store closures, restricted mobility and curtailed discretionary spending because of the COVID-19 pandemic restricted growth in fiscal 2021 and fiscal 2022. Also, revenue growth slowed down considerably from the fourth quarter of fiscal 2023 owing to muted discretionary demand amid large base of the previous fiscal.

 

Moderate financial position owing to expansion and acquisitions, which have not yet contributed optimally to profitability: ABFRL has done some large acquisitions over the past three-four fiscals, which resulted in debt increasing significantly. This, along with subdued demand for retail apparel, write-down of slow-moving inventories and lower-than-expected profitability ramp-up of acquired ethnic and digital brand businesses materially impacted operating profitability and cash accrual during fiscal 2024 and fiscal 2025. As a result, key debt protection metrics comprising of interest coverage and gross debt to OPBDIT (operating profit before depreciation & amortisation, interest, and taxes) on pre Ind-AS as well as post Ind-AS stood impacted during fiscal 2024 as well as fiscal 2025.

 

However, with narrowing ethnic and digital businesses losses, pre and post Ind-AS interest coverage is expected to improve around 2-3 times by fiscal 2027; the ratio of net debt to OPBDIT (post Ind-AS) is expected to range between 3.5-4 times until fiscal 2026 and then improve gradually. ABFRL is also expected to maintain a net debt free balance sheet on pre-Ind basis till fiscal 2027, and by fiscal 2028, all long term debt will be retired. During fiscal 2026-27 while the management steer the ethnic and digital businesses towards healthy profitability levels, the Rs. 4,183 crore funds recently raise through equity (net of share issue expenses of around Rs. 56 crore) will enable demerged ABFRL to fund capital expenditure requirements of Rs. 200-250 crore per annum, debt repayment obligations of Rs. 500-600 crore per annum, and other business operations. The funds will provide sufficient cushion for the next 2-3 fiscal years.

Liquidity: Strong

Liquidity is strong supported by unutilised fund-based working capital lines of around Rs 2,066 crore, and unencumbered cash and equivalent of around Rs. 2,361 crore as on March 31, 2025. The company’s net cash accruals coupled with unencumbered cash surplus shall be sufficient to capital expenditure requirements of Rs. 200-250 crore per annum, debt repayment obligations of Rs. 500-600 crore per annum, and other business operations.  The company, by virtue of being a leading company of the Aditya Birla group with a strong retail presence, also has robust fund-raising ability.

 

Environment, social and governance (ESG) profile

The ESG profile of ABFRL supports its credit risk profile.

 

The retail sector has low environmental impact, primarily in the form of low emissions and water consumption and increasing focus on the use of sustainable packaging. The sector has moderate social impact because of direct bearing on the health and wellbeing of its workers and customers.

 

The company’s increasing focus on addressing ESG risks supports its ESG profile.

 

ESG highlights

• The company achieved a 3.8% reduction in Scope 1 & 2 emissions due to renewable energy and energy efficiency measures.
• The company’s energy intensity (TJ / turnover) stood at 0.05 as on March 31, 2024 (vs. 0.04 as on March 31, 2023, and as on March 31, 2022).
• The company’s water consumption intensity (KL / turnover) stood at 15.9 as on March 31, 2024 (vs. 16.25 as on March 31, 2023; 17.9 as on March 31, 2022).
• Lost time injury frequency rate (LTIFR) for employees stood at 0.03 as on March 31, 2024, (vs. 0.03 as on March 31, 2023; and 0.08 as on March 31, 2022). The said metric for workers stood at 0.04 as on March 31, 2024, (vs. 0.02 as on March 31, 2023; 0.06 as on March 31, 2022).
• The governance structure of ABFRL is characterised by 50% of the board comprising independent directors, a split between the positions of Chairman and Chief Executive Officer, extensive financial and non-financial disclosures and robust internal control systems.

ESG is gaining importance among investors and lenders. ABFRL’s commitment to ESG will play a key role in enhancing stakeholder confidence, given its access to domestic capital markets.

Outlook: Stable

Crisil Ratings expects ABFRL to gradually ramp up its business levels and operating profitability, enhancing cash generation. The financial risk profile and debt metrics are nevertheless likely to remain at average levels with prudent funding of capex and working capital management. That said, given the recent equity raise of Rs. 4,183 crore (net of share issue expenses of around Rs. 56 crore), the company shall have sufficient cushion over the next 2-3 fiscal years, as the said funds shall be utilised towards capital expenditure, business operations, and debt repayment obligations (~Rs. 600 crore per annum crore in fiscal 2026 and fiscal 2027). Timely support from AB group is also expected to be forthcoming to tide over any financial exigencies.

Rating sensitivity factors

Upward factors:

• Strong revenue growth and improving operating profitability, including from newly acquired brands, resulting in significant increase in cash generation on a sustained basis
• Sustained improvement in financial risk profile supported by better-than-expected cash generation and further equity raise also benefitting debt metrics, for instance, net debt to OPBDIT (post Ind-AS) of less than 3 times on sustained basis
• Improvement in credit quality of Aditya Birla group, and continued stance of support. 

 

Downward factors:

• Slower-than-expected revenue growth, continued losses in new acquisitions, impacting operating profitability and cash generation
• Material increase in debt levels to fund acquisitions, capex and investments in subsidiaries, further impacting modest debt metrics; for instance, net debt to OPBDIT (post-Ind-AS) of above 4.5-4.75 times
• Change in stance of importance to the Aditya Birla Group, and material deterioration in credit quality of Aditya Birla group.

About the Company

ABFRL is the apparel retail venture of the AB group, which merged the Madura division (formerly, a division of Aditya Birla Nuvo Ltd) with the erstwhile PFRL on January 9, 2016, with appointed date of April 1, 2015; PFRL was renamed ABFRL subsequent to the merger. The Madura division holds leading brands while the departmental stores are under Pantaloons. ABFRL acquired Forever 21 in India in 2016 to ramp up its fast fashion segment. As of March 2025, the company operated on a retail area of 7.3 million square feet with around 451 Pantaloon & Style-up stores, 659 ethnic brand stores, 41 luxury stores, and 16 TMRW brand stores.

About the Group

The Aditya Birla Group, is a USD 66 billion (as of March 31, 2024) global conglomerate, with presence across diversified segments including cement (Ultratech Cement Ltd, rated 'Crisil AAA/Stable/Crisil A1+'), metals (Hindalco Industries Ltd, rated 'Crisil A1+'), fashion and retail (ABFRL), financial services (Aditya Birla Capital Ltd, rated 'Crisil AAA/Stable/Crisil A1+'), chemicals (Grasim Industries Ltd, rated 'Crisil AAA/Stable/Crisil A1+'; Birla Carbon India Private Limited, rated 'Crisil AA/Stable'), etc. The group has a presence across 6 continents and operates in 40 countries. Headed by Mr. Kumar Mangalam Birla, and headquartered in Mumbai, Maharashtra.

Key Financial Indicators (ABFRL + ABLBL)

Particulars	Unit	1H’FY25*	2024	2023
Revenue	Rs crore	7,072	14,044	12,418
Reported Profit after tax (PAT)	Rs crore	-430	-736	-59
Reported PAT margin	%	-6.08	-5.2	-0.5
Interest coverage (post Ind-AS)	Times	1.74	1.88	3.4
Gross debt to EBITDA (post Ind-AS)*	Times	6.13#	5.35	4.1
Net debt to EBITDA (post Ind-AS)*	Times	5.66#	4.59	3.5
Interest coverage (pre Ind-AS)*	Times	NM	0.7	2.9
Gross debt to EBITDA (pre Ind-AS)*	Times	NM	11.4	4.5
Net debt to EBITDA (pre Ind-AS)*	Times	NM	7.8	2.8

Note: For fiscal 2024 pre Ind-AS related ratios are as per broad estimates in the absence of similar details provided for fiscal 2023.

*Based on audited financials announced on January 16, 2025. That said, figures included in 1H’FY25 are based on limited schedules / notes to accounts.

#EBITDA has been annualized

 

Key Financial Indicators (consolidated ABFRL)

Particulars	Unit	2025	2024
Revenue	Rs crore	7,355	6,441
Reported Profit after tax (PAT)	Rs crore	-624	-907
Reported PAT margin	%	-8.5	-14.1
Interest coverage (post Ind-AS)*	Times	1.51	0.94
Gross debt to EBITDA (post Ind-AS)*	Times	5.87	11.80
Net debt to EBITDA (post Ind-AS)*	Times	3.11	10.17
Interest coverage (pre Ind-AS)%	Times	NA	NA
Gross debt to EBITDA (pre Ind-AS)%	Times	NA	NA
Net debt to EBITDA (pre Ind-AS)%	Times	NA	NA

*Based on fourth quarter fiscal 2025 financials and investor presentation published by the company

%Owing to limited financial information, pre Ind-AS ratios cannot be calculated

Any other information: Not Applicable

Annexure – List of entities consolidated

Names of Entities Consolidated	Extent of Consolidation	Rationale for Consolidation
Jaypore E-commerce Pvt Ltd	Full	Subsidiary
TG Apparel & Decor Pvt Ltd	Full	Subsidiary
Finesse International Design Pvt Ltd	Full	Subsidiary
Sabyasachi Calcutta LLP	Full	Subsidiary
Indivinity Clothing Retail Pvt Ltd	Full	Subsidiary
Sabyasachi Inc, USA	Full	Subsidiary
Aditya Birla Digital Fashion Ventures Ltd	Full	Subsidiary
Aditya Birla Garments Ltd	Full	Subsidiary
House of Masaba Lifestyle Pvt Ltd	Full	Subsidiary
Pratyaya E-Commerce Pvt Ltd	Full	Subsidiary
Imperial Online Services Pvt Ltd	Full	Subsidiary
Awesomefab Shopping Pvt Ltd	Full	Subsidiary
Bewakoof Brands Pvt Ltd	Full	Subsidiary
Next Tree Products Pvt Ltd	Full	Subsidiary
Styleverse Lifestyle Pvt Ltd	Full	Subsidiary
Jaypore Inc, USA	Full	Subsidiary
Goodview Fashion Private Limited	Full	Subsidiary
Wrogn Private Limited (formerly known as Universal Sportbiz Private Limited)	Equity Method	Associate