Kiaasa Retail is a women’s ethnic-wear brand that sells affordable luxury to value-conscious shoppers in India’s smaller cities - it was born as a single Delhi store in 2018, rescued from distress during the pandemic by two textile exporters, and turned into a chain of over 124 outlets by applying a simple, repeatable formula: make aspirational fashion, sell it through tightly controlled company-owned stores, and cascade unsold stock down a tiered network until nothing is wasted. # Business segments A single engine - a women’s ethnic-wear brand - that earns across three reinforcing layers: a core apparel line that generates the bulk of revenue, a store network stratified to capture every price point, and an omnichannel system that turns physical outlets into hyper-local web-fulfilment hubs. ## 1. The core brand: affordable luxury for the small-city wardrobe **Salwar-kurta-dupatta sets priced between ₹2,000 and ₹2,500 are the engine’s piston - they make up more than half of everything sold and anchor the brand’s promise of premium look at a value price.** - **The hero product carries the mix** - SKD (salwar kurta dupatta) sets account for 58% of the product portfolio, which means the brand’s margin structure and inventory planning are built around a single predictable category rather than spread thin across dozens of bets. - **A tight price band builds trust** - the core SKD set holds a disciplined average selling price of ₹2,000 to ₹2,500, so the customer knows exactly what tier she is shopping in and the company avoids the margin erosion that comes with constant discounting. - **Adjacent categories fill the basket** - kurtis starting at ₹599, dresses and gowns (9% of the mix), woolens (5%), and bottoms like palazzos and leggings (4%) surround the core SKD set, giving the same 22-to-45-year-old customer reasons to buy between festive seasons. - **Kids’ wear extends the household** - Kiaasa Divas targets girls aged 3 to 13 with coordinated mother-daughter “Mini-Me” outfits, using breathable, skin-friendly fabrics, and aims to contribute 8-10% of revenue as the brand pulls the next generation into the same store visit. - **Custom tailoring lifts the ticket** - the in-house DIY Studio, rolling out in larger-format stores, offers unstitched suit fabrics and made-to-measure services, targeting an initial 4-5% revenue share that can grow to 10-12% in the next couple of years while pulling the brand into higher-margin boutique territory. ## 2. The store network: four tiers that leave no stock behind **Every store belongs to one of four categories - from upscale mall flagship to fixed-price clearance outlet - so inventory flows downhill until it sells, protecting the brand’s premium face while recovering cash on every piece.** - **Category A stores set the aspiration** - located in Tier-1 upscale malls and premium high streets, they carry the newest Signature Stories collections straight from the factory at an ASP of ₹2,000 and above, acting as brand beacons that justify the price for every other tier. - **Categories B and C chase volume and value** - mid-market mall and Tier-2/3 high-street stores receive a mix of new factory stock and slight markdowns (Category B) and cascaded stock from Tiers A & B (Category C), with progressively lower ASPs, so the same garment finds its buyer at the right price point without a markdown sticker in the premium window. - **Nine99 is the escape valve** - this fixed-price format in Tier-3 and rural locations sells everything under ₹999, functioning as a breakeven factory outlet that clears unsold and dead stock from the upper tiers, with any remaining unsold inventory after 12 to 15 months cleared in a final stress sale. - **Company-owned stores dominate the mix** - 110 of the 124 outlets are COCO (Company Owned Company Operated), giving the business end-to-end control over merchandising, staff, and brand experience, while 14 FOFO (Franchise Owned Franchise Operated) stores provide asset-light reach in markets where a partner’s local knowledge speeds up entry. - **The footprint is deepening in smaller India** - over 124 stores across more than 70 cities, with a target of 250 by 2028 and 350 by 2030, and recent openings in Bhopal, Ayodhya, Muzaffarnagar, and Haldwani show the expansion is aimed squarely at Tier-2 and Tier-3 towns where organised ethnic wear is still under-penetrated. ## 3. The omnichannel loop: stores as fulfilment centres **Online orders are routed to the nearest physical store, which picks, packs and delivers within two hours - so the website is not a separate warehouse operation but a digital shop window for the same inventory sitting on the shelf.** - **Geolocation ties the web to the street** - the platform automatically maps an online shopper to the closest EBO, which means the company avoids a centralised e-commerce warehouse and instead uses its 91,000-plus square feet of retail space as a distributed fulfilment network. - **Hyper-local delivery locks in speed** - within a 4-5 kilometre radius, a partnership with Porter enables delivery in under two hours; for intercity orders, courier partners deliver in two to three days, giving the brand a same-day feel without owning a logistics fleet. - **WIZAPP connects the pipes** - the ERP system implemented during the 2022-2024 restructuring integrates inventory, orders and store-level data, so the cascade logic that moves stock between physical tiers also informs which store fulfils which online order. # Group structure and partners **A pandemic-distress acquisition turned around by two textile exporters who listed it on the BSE SME platform in March 2026, raising ₹69.72 crore to fund the store rollout.** - The company was acquired in March 2021 by Om Prakash and Amit Chauhan, co-founders of ‘Rugs In Style’ - a handmade-manufacturing business exporting to 65 countries - giving the new owners a combined 40-plus years of textile manufacturing, global export and domestic retail experience before they touched Kiaasa. - During the 2021-2022 acquisition phase, the promoters bought two regional brands - ‘U Women’ (35 stores, scaling South India) and ‘Laabha’ (densifying Delhi/NCR) - folding their store footprints into the Kiaasa network rather than building from scratch. - The company converted from a private limited to a public limited structure in April 2024 and completed its IPO on the BSE SME platform on 2 March 2026, issuing 54.91 lakh equity shares at ₹127 apiece to raise ₹69.72 crore, of which ₹46.46 crore is earmarked for opening 61 new EBOs over FY2026 and FY2027. - Leadership rests with Mr. Om Prakash as Chairman and Managing Director and Mr. Amit Chauhan as Whole-Time Director; the company operates a single reportable segment - retail of readymade garments - and is headquartered in Ghaziabad, Uttar Pradesh.