About Company

• Sai Silks (Kalamandir) Limited (“Sai Silks”) was incorporated on August 10, 2005.  Sai Silks is amongst the Top-10 retailers of ethnic apparel, particularly sarees, in south India in terms of revenues and profit after tax in Fiscal 2020, 2021 and 2022. Through their 4 store formats, i.e., Kalamandir, VaraMahalakshmi Silks, Mandir and KLM Fashion Mall, they offer their products to various segments of the market that include premium ethnic fashion, ethnic fashion for middle income and value-fashion, with a variety of products across different price points, thereby catering to customers across all market segments. 
• The company leverages their store network of 54 stores as of July 31, 2023, to focus on spreading India’s vibrant culture, traditions and heritage by offering a diverse range of products.
• Currently, Sai Silks offers one of the widest portfolios of saree SKUs among women’s apparel brands in India. With large retail outlets that provide customers a wide variety of options in ethnic wear across various price points. Company’s customer base, as of July 31, 2023, exceeded over 5.98 million customers in India. 
• In December 2022, they launched “Valli Silks” which is a combination of the KLM Fashion Mall and VaraMahalakshmi Silks store formats. Further, to cater to niche segments that may be available in certain geographies that they operate, they may create derivates of their existing formats. In September 2022, they launched “Kalamandir Royale” that is an extension of their Kalamandir format in which they offer products with higher price points and more exclusive collections.
• Company’s products are available on their own online website, www.kalamandir.com, www.brandmandir.com and www.kanchivml.com, www.klmfashionmall.com, and www.kalamandirroyale.com as well as through other third-party online e-commerce websites which provides an omni-channel network to their customers, through their online and offline channels. 
• Sai Silks offers a diverse range of products which includes (a) various types of ultra-premium and premium sarees suitable for weddings, party wear as well as occasional and daily wear; (ii) lehengas, (iii) men’s ethnic wear, (iv) children’s ethnic wear (v) value fashion products comprising fusion wear and western wear for women, men and children and (vi) North Indian women ethnic celebration wear such as designer lehengas.

Strengths

Competitive Strength 

• Among the leading ethnic and value-fashion retail company in south India having a portfolio of established formats with focused sales and marketing strategy;
• Leading ethnic wear retail brand in India with a scalable model, well positioned to leverage growth in the ethnic and value-fashion apparel industry in India;
• Strong presence in offline and online marketplace with an omni-channel network;
• Track record of growth, profitability, and unit economics with an efficient operating model;
• Experienced Promoter, management, and in-house teams with proven execution capabilities 

Business Strategies 

• Expand the footprint within India through owned stores and franchise network by leveraging the brand appeal;
• Increase focus on sale of products through e-commerce;
• Leverage technology to bring cost efficiency and enhance customer experience.

Company Promoters

Company Financials

Amount in ? Crore

Objects of the Issue

1. Funding capital expenditure towards setting up 25 new stores.
2. Funding capital expenditure towards setting-up of two warehouses.
3. Funding the working capital requirements of the company.
4. Repayment or pre-payment, in full or part, of certain borrowings availed by the company.
5. General corporate purposes.