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Akshay Rajawat    

Surat, India

I am CA student and along side perusing the CFA (U.S.). I have a 6 month experience in Equity Research where i have done my internship programme in the same. I am keen to write an articles on Equity.

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Contributor since: 2022








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Go Fashion (India) Ltd

Business Analysis

About The Company

Go Fashion (India) Limited, is a pioneer in branded bottom wear for women.

he company offer a wide range of bottom wear in terms of colors and styles to go with any top, all available under the same roof.

Company's bottom-wear products, including churidars, leggings, harem pants, patiala, palazzos, culottes, pants, trousers and jeggings, are sold across multiple categories such as ethnic wear, western wear, fusion wear, activewear and denims.

The company design and cater to women & girls of all age groups and size thereby, making our portfolio ‘universal’ and for every occasion and body type.

Company's range gives customers a plethora of options to plan an outfit according to their need. With over 50 legwear styles in over 120 colors from ethnic to western to fusion wear – you will never miss out on the style you want to make up for your dinner date by just lounging around at home!

Company's endeavour to provide our customers with premium quality products, and at a price range that is surprisingly affordable.

- Go Fashion (India) Limited is one of the leading women’s bottom wear clothing company in India and markets products under the brand name ‘Go Colors’. The Company commenced its operations in 2010, founded by Gautam Saraogi, Prakash Saraogi and Rahul Saraogi. It is headquartered in Chennai. The Company is engaged in the design, sourcing, development, marketing and retail of women’s bottom wear products. Its bottom wear products include leggings, dhotis, churidars, harem pants, Patiala, palazzos, trousers, culottes pants and jeggings, sold across different categories such as western wear, fusion wear, ethnic wear, athleisure, denim for women and girls across all age groups and sizes.

The company is one stop destination for ladies' bottom wear, a daily essential wear category with no seasonality.

  • Among the largest Women Bottom Wear (WBW) brandsin India with ~8% market sharein branded WBW
  • Offers Products in >50styles in >120colours
  • Extensive sourcing and manufacturing network of 81 suppliers and 49 jobworkers spread across 11 states and UTs
  • Customers catered primarily through 604 EBOs spread across 23 states and UTsand 1,713LFSs across 31 states and UTs
  • Premium quality products at affordable prices, 83.3% of products retailed at < Rs. 1,049
  • Supply chain for all channels managed from 99K sq. ft. warehouse in Tirupur, Tamil Nadu and 12K sq. ft. warehouse in Bhiwandi, Maharashtra. Endto-end automation in inventory operations resulting in optimal inventory management

Company's Diversified Product Porfolio


Standardized Store Designs and Layouts to Make Brand “Go Colors”Readily Identifiable

Company's Key Strength

  • Among the Largest Women’sBottom-Wear Brand in India with Well-Diversified & Differentiated Product Portfolio and First Mover Advantage
  • Strong Unit Economics with an Efficient Operating Model
  • Demonstrated Track Record of Strong Financial Performance
  • Multi-Channel, Pan-India Distribution Network with a Focus on EBOs, Enhancing Brand Visibility
  • Extensive Procurement Base with Highly Efficient and Technology-Driven Supply Chain Management
  • In-House Expertise in Developing and Designing Products

Where Go Colors lies

Among the Largest Women’s Bottom-Wear Brand with a Well-Diversified Product Portfolio

% Branded Women’s Bottom Wear Market (FY20)

Covering the entire spectrum of women’s requirements across agegroups and body-types


Go Colors Reach And Distribution

Direct to Consumer Brand with an Extensive Distribution Network across India

Diversified presence across geographies:

Business Segment


Continuous Increase of EBO presence PAN India

Extensive Procurement Base with Highly Efficient and Technology-Driven Supply Chain Management

Outsourced Manufacturing

Manage an extensive sourcing network to support product development teams

81suppliers and 49 job-workers spread across 11 states and UTs

Longstanding relationship with suppliers and job-workers

Work closely with suppliers, supervising manufacturing and conducting inspections for quality checks

Sourcing Team

Sourcing team closely monitors suppliers and provides strict quality assurance analysis

Regular inspections of fabrics sourced from suppliers helps consistently maintain product and service quality

Stringent norms of quality assurance at various levels through quality control mechanisms

Track suppliers’ capacity and output to ensure production requirements are met and finished products are procured in a timely manner

Centralized Warehouse

Inventory, logistics and entire supply chain for all channels managed from warehouse in Tirupur, Tamil Nadu

Warehouse spread over >99k square feet & 12K sq. ft. warehouse in Bhiwandi, Maharashtra

Implemented end-to-end automation in inventory operations resulting in seamless and optimal inventory management

Implemented business intelligence tool for inventory optimization, avoiding stock-out and ensuring sufficient supply at stores

Supply Chain Automation

Entire procurement and supply chain operation automated through ERP system

Helps maintain flexibility while meeting requirements in an efficient manner without relying on any one vendor, supplier or factory

Procurement needs streamlined avoiding over or under-stocking

SCMS & internal controls minimize product shortage and occurrence of out-of-stock events enabling efficient operations and high productivity


Industry Outlook

Global textile and apparel industry overview

The global textile and apparel market was estimated at US$ 1.71 Trn in 2022 and contributed ~2% of the world’s GDP. The growth was catalysed by a relaxation in Covid restrictions, resumption of global supply chains, increased positive consumer sentiment, rising apparel demand from the fashion market along with a growth in e-commerce
platforms. Out of this, women apparel was estimated at US$ 0.80 Trn, men’s apparel at US$ 0.51 Trn and children’s apparel at US$ 0.24 Trn. The market was expected to reach
US$ 1.95 Trn by 2026, growing at a CAGR of 4.4% from 2021 to 2026. The global women apparel market was pegged at US$ 915 Bn in 2021 and expected to reach US$ 1,165
Bn by 2027, growing at a CAGR of 3.84% during 2022-27. The rising influence of e-commerce platforms was a key factor driving the global women’s apparel market.

Indian textile and apparel industry overview
India’s domestic textile and apparel market was estimated at US$ 44 Bn in FY 2021-22 and expected to reach US$ 209 Bn by 2029, riding a growing population, rising per 
capita consumption, demographic advantage, urbanisation, growing environmental concerns and consumer traction. The domestic textile and apparel industry contributed 2.3%
to the country’s GDP, 7% of industry output in value terms and 12% of the country’s export earnings. The domestic textiles and apparel export was estimated at US$ 82 Bn in
2021.Exports of cotton and man-made yarn/fabrics/madeups, readymade garments, jute products including floor covering, and carpets from India, showed positive growth in
FY 2021-22. It is expected to grow to US$ 100 Bn in 5 years, growing at a CAGR of 11%.

The post-Covid era provided a big opportunity for the online textile and apparel industry. Sales in the online textile industry witnessed a jump in various cities and States of India due to a lockdown imposed to curb the spread of the virus. Technology could play a role in reviving, rejuvenating, and reinvigorating the Indian textile industry.

Indian retail apppreal market

India’s retail market was estimated at US$ 748 Bn in 2021 and is expected to reach US$ 1.07 Trn by 2025. The country is the fourth largest retail market in the world and contributes ~10% to India’s GDP and accounts for 8% of its workforce. In 2021, the FMCG, apparel & footwear, and consumer electronic segments were the largest retail segments, accounting for 65%, 10% and 9% respectively of the country’s retail universe.

SWOT Analysis

• Availability of abundant raw material helps control production costs and reduce lead time
• Active sectoral support by the government
• Increased digitalization driving e-commerce growth
• Availability of low cost and skilled manpower, which, in turn, reduces the cost of production
• Cultural diversity and rich heritage of the country provide inspiration to designers to create attractive designs
• Growing population
• Increased urbanization and high disposable incomes

• Rising competition from e-commerce
• Competitive imports
• Unfavourable labour laws
• Increasing dependence on cotton
• Technological obsolescence

• Growing economy and domestic market
• Increasing requirements for value-added products
• Higher investments and FDI opportunities
• ‘Make in India’ initiatives by the Government of India
• Continuous innovation in supply chain management and technology advancements
• Evolving retail sector and malls offer headroom for growth

• Emergence of international brands
• Outbreak of the pandemic like COVID-19, affecting manufacturing, supply chain and sales
• International labour and Environmental Laws
• Inventory pile-up due to COVID-19
• Geographical disadvantages

Management of the Company

Mr. Prakash Kumar Saraogi Managing Director

Promotor of Go Fashion (India) Limited

>28 years of experience in garment manufacturing, the fashion industry, and retail industry

Holds a bachelor’s degree in chemical engineering from Anna University, Chennai

Mr. Gautam Saraogi Executive Director and CEO

Promotor of Go Fashion (India) Limited

>10 years of experience in consumer retail, marketing, brand building and garment manufacturing

Holds a bachelor’s degree in commerce from University of Madras and an executive diploma in marketing management from Loyola Institute of Business Administration, Chennai

Has received a token of appreciation for his contribution to the Chennai Retail Summit 2018

Mr. R Mohan Chief Financial Officer

Chartered accountant by profession and has been associated with our Company since 2019

Holds a bachelor’s degree in commerce from Bharathiar University and is a member of the ICAI since 1991

Served as the chairman of the Coimbatore Branch of Institute of Chartered Accountant India from 2000 to 2001

Member of economic affairs and taxation panel of Confederation of Indian Industry, Coimbatore from 2016 to 2017

Shareholding Pattern

Outlook of the Company

Continue to Expand Retail Network with a Focus on EBOs

Grow Sales Through Online Channel

Leverage Technology to Bring Cost Efficiency and Enhance Customer Experience

Leverage Leadership Position in Women’s Bottom-Wear

Financial Performance

Demonstrated Track Record of Strong Financial Performance

Profit and Loss

Balance Sheet



I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Business relationship disclosure:

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Stocx Research Club). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure:

Source - Company's annual report, investor presentation and Disc - Given company name in the article is not an recommendation as it is for knowledge purpose only.

Disclosure legality:

I am not a SEBI Registered individual/entity and the above research article is only for educational purpose and is never intended as trading/investment advice.


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