Oct 7, 2023 · 3h 23m · wtf
Ep #11 | WTF Goes into Building a Fashion, Beauty, or Home Brand? Nikhil w/ Kishore, Raj, and Ananth · Nikhil Kamath
Ananth Narayanan · 1h 1m spoken Raj Shamani · 48m spoken Nikhil Kamath · 36m spoken Kishore Biyani · 24m spoken
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gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions
Hosted by Nikhil Kamath, this episode brings together retail pioneer Kishore Biyani, Mensa Brands founder Ananth Narayanan, and entrepreneur Raj Shamani for a masterclass on building, marketing, and scaling consumer brands in India.
How this conversation actually went
Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nikhil holds 21% of the talking time here. How this is scored →
Nikhil as informed peer 5.3 Guest teaching 6.7 Guest disagreement 2.0 Nikhil pushing back 3.2
speaking balance: gold is Nikhil, purple is the guest (3 minute bins)
Sharpest disagreement ▶ 1:26:13 Kishore rejects Ananth's marketplace-first thesis
Kishore flatly rejects Ananth's assertion that brands can launch 80% on marketplaces, insisting that brand codes and packaging must be perfected first like building a spaceship.
Hardest push from Nikhil ▶ 2:39:40 Nikhil challenges guests on foreign luxury and virtue signalingNikhil refuses to accept vague consumption claims, pressing Raj on why his wardrobe consists of foreign luxury brands while urging guests to be honest about social signaling.
Biggest teaching moment ▶ 52:34 Kishore breaks down the Singapore, Poland, and Mexico cohortsKishore educates the host with comprehensive macroeconomic research showing how 30 million households drive 60% of India's value-added consumption mapped to international GDP benchmarks.
Nikhil holds their own ▶ 1:03:30 Nikhil breaks down luxury industry manipulationNikhil demonstrates deep psychological insight into ultra-luxury brand mechanics, detailing how high-end fashion manufacturers manufacture arrogance and artificial waitlists to manipulate consumer ego.
the scores for every segment, with the reasoning behind each
| Chapter | Topic | Nikhil as informed peer | Guest teaching | Guest disagreement | Nikhil pushing back | Why |
|---|---|---|---|---|---|---|
| Ananth Narayanan's Career: McKinsey to Myntra and Medlife | 4 | 5 | 1 | 3 | Nikhil inquires into Ananth Narayanan's professional transition from McKinsey senior partner to CEO of Myntra and Medlife. Ananth recounts his career path while Nikhil probes him on founder relationships and operational metrics. | |
| Mensa Brands and the House of Brands Thesis | 5 | 6 | 2 | 3 | Ananth articulates the thesis of Mensa Brands as a house of brands capitalizing on unbranded Indian markets and logistics tailwinds. Nikhil presses on unit economics, delivery cost dynamics, and valuation multiples across categories. | |
| Raj Shamani's Entrepreneurial Pitch and Fundraise | 4 | 4 | 1 | 2 | Nikhil recounts Raj Shamani raising capital for House of X at triple valuation in 48 hours. Raj outlines the strategic feedback loop and diligence preparation that enabled his rapid fundraise. | |
| Scaling Jadugar: Grassroots Distribution & Market Insights | 3 | 7 | 1 | 2 | Raj recounts scaling his family's detergent business Jadugar from tier-2 markets through hyper-localized marketing and modern retail observations at Big Bazaar. Kishore explains how retail category upgrades drive per-kilo realization. | |
| Data-Driven Product Development vs Physical Retail | 4 | 7 | 1 | 2 | Ananth explains utilizing e-commerce search API null sets to discover unaddressed consumer demand without large capex. Raj and Ananth discuss how digital data complements ground-level retail observations. | |
| Content Creation Frameworks and Social Media Growth | 4 | 8 | 1 | 1 | Raj explains his 5-3-2 content framework (Evergreen, Controversial, Growth) and alignment with platform algorithm priorities. Nikhil asks for actionable patterns to help emerging creators build brand distribution. | |
| Consumption Slowdown and Macro Economic Headwinds | 6 | 6 | 2 | 4 | Nikhil brings up observations of an unseasonal consumption slowdown ahead of elections, citing payments and e-commerce data. Kishore and Ananth provide macro context including festival calendar shifts, formalization via GST, and inflation. | |
| India 1, 2, and 3: The Demographic Consumption Hierarchy | 6 | 8 | 3 | 4 | Kishore presents demographic research categorizing India 1 into Singapore, Poland, and Mexico cohorts accounting for the vast majority of value-added FMCG spend. Raj and Nikhil debate whether India 1 represents income or product usage depth. | |
| Luxury, Ego Manipulation, and Consumer Signaling | 7 | 5 | 2 | 6 | Nikhil critiques ultra-luxury brands for psychological manipulation and artificial scarcity. Kishore and Raj explain how luxury and mass retail monetize consumer vanity, fear, and ego. | |
| Quiet Luxury and the Psychology of Status Signaling | 6 | 7 | 2 | 3 | Raj outlines the psychological tiers of social signaling from peer validation to quiet luxury, preferences, and purpose-driven signaling. Ananth and Kishore emphasize how community-based validation is overtaking pure influencer endorsements. | |
| The Shifting Point of Sale: From Kirana to Content Commerce | 5 | 7 | 2 | 3 | Raj outlines the shift of Point of Sale from physical Kirana to marketplaces and now directly into social media content feeds. Ananth questions whether content consumption mindset readily converts to commercial transaction intent. | |
| The 0 to 20 Crore Brand Building Playbook | 5 | 8 | 6 | 3 | Ananth presents his 0-to-20 crore playbook focusing on product market fit and 80 percent marketplace distribution. Kishore strongly disagrees, arguing that foundational brand codes and aesthetic identity must precede distribution. | |
| Growth Hacking E-Commerce Platforms from 20 to 100+ Crores | 6 | 8 | 2 | 4 | Ananth details platform-specific growth hacks across Myntra and Amazon, explaining visibility triggers and algorithm mechanics. Raj shares insights on identifying underpriced customer attention and launching pre/post product extensions. | |
| Identifying Emerging Opportunities in Unorganized Markets and Pet Care | 5 | 6 | 1 | 2 | The panel explores unorganized sectors ripe for brand creation, identifying pet care and specialized hygiene categories. Kishore and Raj discuss how brand naming and storytelling create emotional anchors in newly organized categories. | |
| Pricing Elasticity, Basket Economics, and Supermarket Design Codes | 6 | 7 | 3 | 3 | Kishore explains supermarket packaging design codes, color psychology, and pricing elasticity. Kishore and Ananth debate whether rapid digital growth hacking undermines long-term brand equity and compounding longevity. | |
| Capturing Micro-Niches and Navigating Legacy FMCG Competition | 5 | 7 | 2 | 3 | Kishore explains why legacy FMCG giants vigorously defend shelf space against upstarts and how new brands must carve out micro-niches before expanding into adjacent categories. | |
| SKU Management, Stock Turns, and AI in Fashion Supply Chains | 5 | 8 | 2 | 3 | Ananth and Kishore explain SKU breadth versus depth in digital retail, high inventory turns, and using machine learning for fashion demand forecasting and dynamic markdown pricing. | |
| Offline Touchpoints, High-Value Trust, and E-Commerce Return Economics | 6 | 7 | 2 | 4 | Nikhil probes the high price-point threshold where offline touchpoints become mandatory. Ananth breaks down reverse logistics costs, sizing algorithms, and reverse-fraud return dynamics in fashion e-commerce. | |
| Creator-Led Brands, Celebrity Endorsements, and Category Addition | 6 | 7 | 2 | 3 | Raj breaks down why celebrity brand endorsements often fail due to lack of authenticity and narrative consistency. Ananth explains how HRX succeeded by pairing Hrithik's lifestyle ethos with Myntra's product and pricing machinery. | |
| Personal Consumption Habits, Virtue Signaling, and Authenticity | 7 | 4 | 4 | 7 | Nikhil inspects the guests personal attire, pointing out reliance on foreign luxury and questioning virtue signaling versus authentic consumption. Ananth defends individual preference while Kishore advocates alignment of inner and outer self. | |
| Playbook for Partnering with Influencers and Structuring Creator Equity | 5 | 8 | 1 | 3 | Raj details his evaluation criteria for partnering with creators, emphasizing equity-only structures, tipping points, and audience community ownership over vanity follower counts. | |
| Omnichannel Expansion, Retail Formats, and Platform Business Models | 6 | 7 | 2 | 4 | Kishore describes Broadway, an experiential retail and creator format, while Nikhil contrasts Bluestone's offline retail expansion with Nykaa. Nikhil and Ananth debate whether ONDC threatens platform margins. | |
| Pitching New Brand Concepts: Homeware, Pets, Athleisure, and Men's Care | 5 | 7 | 1 | 3 | Each guest pitches a brand opportunity to start with one crore rupees: Kishore proposes single-color fashion and homeware, Ananth selects pet accessories and athleisure, Raj proposes men's problem-solution grooming, and Nikhil suggests eldercare. | |
| Critical Pitfalls in Brand Building: Branding Codes, Quality, and GST Hygiene | 5 | 7 | 2 | 2 | The panel reviews critical failure modes for zero-to-one founders: Kishore stresses naming and brand codes, Ananth warns against compromising product quality for launch velocity, and Raj highlights tax category mistakes. |
Statements from this episode (74)
Narayanan: Private brands grew to 30% of sales, driving Myntra's profitability
“And the private brand business of Myntra at the same time also went from seven, eight percent to call it almost 30%, which is what drove profitability. So we were among the most profitable pieces of the Flipkart ecosystem, not amongst, we were the most profita…”
Narayanan: Pan-India brand delivery costs 140 to 150 rupees per parcel
“Call it for one 41 50 rupees. Maybe the rate has changed slightly, but one 41 50 rupees, you can get to 23,000 pin codes or 26,000.”
Narayanan: 60% of the Indian Fashion Market Remains Unorganized
“I would say by the way, 60% is still disorganized, right? I think ready to stitch is still a very large segment. Most of ethnic, which is a very large portion of fashion is still unorganized.”
Narayanan: Branded Retail in India Is Growing 2x to 3x Faster Than GDP
“The overall market is growing a little bit over GDP. Branded is growing two, three X faster because unbranded to branded is happening. And online, by the way, will grow faster.”
Narayanan: Fashion Brands Average 55-60% Gross Margins, Beauty Averages 70-80%
“50, 60% gross margin, right? In, in beauty, of course, it's higher, but in fashion, at least 55, 60. In beauty, 70, 80.”
Narayanan: Target Revenue Multiples Are 5x in Fashion and 6x-7x in Beauty
“My sense is, I think a five X would be interesting. Five X on fashion would be interesting beauty. I think between four and six, no, actually maybe six, seven. I think. Food will be probably lower. Will be three, four.”
Kamath: Raj Shamani raised from Lightspeed at 3x valuation in under 48 hours
“He went to another venture capital fund light speed.
And he raised more money at three times the valuation.
And the duration between beginning and end of that conversation was less than 48 hours.”
Shamani: Family detergent brand grew 10x twice in consecutive 18-month periods
“Like within 18 months, we were 10 X of what we were doing. Then another 18 months, we were like 10 X of what we're doing.”
Biyani: FMCG marketing aims to transition consumers to higher per-kilo formats
“Every marketer's dream is to increase the per kilo or per liter price of everything. From soap to, what do you call, liquid, is an increase of price and upgrading of customers.”
Biyani: Brand marketers use neuro-linguistic programming to condition consumers
“I think all the brand marketers do something called the neuro-linguistic programming. They condition your brain to look at things in a different way and accept what they are saying.”
Narayanan: Launch new products where high marketplace search volumes yield no results
“And that's a very good way to sort of figure out where are the null sets. So what people look for is where are people searching and not finding anything? And that's what you start launching, right?”
Shamani: Local shopkeepers are the primary influencers in Indian offline retail
“In distribution led India where the physical distribution happens. The shopkeeper is a key influencer to convince you.”
Narayanan: New brands should dominate small niches rather than fight incumbents
“If you start something new, my sense is, I think, being a shark in a pond, Is always better than doing something else. I don't know whether that's distribution or a niche, right? If you want to launch an ethnic, I wouldn't go against the big guys.”
Shamani: Branded thousands of rickshaws by paying 1,000 rupees for their repairs
“The aesthetics and repairment would take us like 1002 1003 thousand bucks. But then in exchange, I would paint my, paint your whole rickshaw into Jadugr. So I got like thousands of these rickshaws who would roam around the entire state.”
Raj Shamani: Content creators should target B2B over D2C brand sponsorships
“Reach out to B to B brands more than D to C brands. And I'll tell you why, right? Because platforms when you say B to B. B to B is like, let's say Amazon or Adobe or Google or Meta, WhatsApp, right? They pay you way longer.”
Raj Shamani: Platforms push creators who align with their strategic format priorities
“Whatever the platform wants to promote, if you are, if your interests are aligned with that, they'll push you way faster than anyone else.”
Shamani: Organic social media growth requires optimizing exclusively for shares and saves
“The third and the most important thing, which I believe people do wrong in social, is they try to make branded content, performance content, and shareable content together. And it's a losing strategy... The only thing, if you want to grow, you should think abo…”
Biyani: Indian FMCG retail data for August 2023 dropped 12% year-over-year
“The data of FMCG which came in for August, It was quite disappointing. It was showing 11 month, 11% lower than last month, and even year to year, it was around 12, 13% lower.”
Kamath: Amazon India grew just 5% in 2023 while Flipkart grew 7-8%
“Amazon India grew by just about five percent this year. Flipkart seven, eight percent based on higher end electronics and premiumization, which seems to be growing.”
Biyani: Economic formalization and 18% GST are squeezing Indian consumer budgets
“We are getting formalized as an economy, and formal economy is more expensive than an informal economy. I think that's playing around a little bit. For the first time, the formalization is quite complete now. Yeah. And that is, that means 18% extra. And I thin…”
Biyani: 30 million households drive 60% of India's total consumption
“The 30 million, what do you call, three crore households in this country, are basically contributing to 60% of India's consumption.”
Biyani: India's top 120 million people account for 70% of FMCG consumption
“Another research which we found out was the total package good consumption in India, FMCG package good in value terms, is 70% of excess is by this India one.”
Biyani: Just 60 customers generate 80% of sales at Mumbai Hermès store
“There is a store in Bombay, Hermes. So, it's the most popular brand of the world. 60 people account for 80% of the business.”
Biyani: Big Bazaar was built on consumer greed, fear, and altruism
“So Nikhil, in early days, like Big Bazar was created on three things. Greed, fear, and we used to call it altruism to a certain extent. The brand can be built on this. Greed is that it is available at a lower price. Fear is that it won't be available after a w…”
Shamani: Luxury brands target aspirational consumers lacking money
“And in fact, one of the big, like what I believe in is, so let's say luxury brands don't want to sell it to people who have money. They want to sell it to people who don't have money. And the reason is that like that's how they are able to build their brands i…”
Narayanan: BNPL is among fastest growing options in e-commerce
“BNPL is among the fastest growing in all e-commerce firms.”
Narayanan: India's market for quiet luxury remains very small
“My sense is I think the market in India for, I think we're not yet evolved to a stage of restrained capitalism where you don't want to actually demonstrate that you bought something expensive. I think that market is very, very, very small.”
Shamani: The vast majority of consumer influence happens at point of sale
“The biggest reason that I feel is point of sale. Every time the majority of influence happens on point of sale. Okay. There's obviously different digital discovery, different, different percentage, but the large majority happens on the point of sale.”
Ananth Narayanan: Instagram Shopping has not taken off in any meaningful way globally
“Insta shopping hasn't really taken off globally, right? In any meaningful manner. I mean, at the Instagram level, I'm saying.”
Narayanan: In-content click-to-buy video commerce will remain a tiny percentage of sales
“I mean, you know, never say never, but my sense is, I think that will still be a very small percent because I think human beings are still human beings, right? But now or later, and I think, by the way, if you're watching something on content, right, you're tr…”
Narayanan: Ideal 0-20 crore revenue mix is 80% marketplaces, 20% D2C
“I think from the zero to 20 crores, if you can keep an 80 20%, where 80% is e-commerce platforms, and 20% is DTC, it's a great mix. Because then you have enough consumer data, but you also have reach, right, that you can actually get to.”
Narayanan: Focusing 100% on D2C Early Causes Brands to Bleed Cash
“If you focus a hundred percent on DTC, for example, I think you can represent the brand, but you'll end up bleeding money, which means by the way, you'll have to raise money much sooner.”
Narayanan: Myntra ad experiments showed higher click-through rates for fair-skinned models
“And we ran an experiment where you actually look at click through rates long time ago, and you find that the click through rates are actually different. So purely economically, the click through rates on performance marketing were higher.”
Shamani: Patanjali is India's biggest creator-led brand success story
“The biggest community and content led example is Baba Ramdev. Right. You can sell that. You can do it and make it super Indian and actually do it. That's the biggest creator led story in India that has happened.”
Narayanan: Only the first six screen swipes matter in mobile e-commerce
“In the online world, the first six swipes on a mobile phone are the only thing that matter. After that, by the way, your attention span, you know, you never get reach, right?”
Narayanan: Scaling on Myntra requires frequent drops to trigger freshness algorithms
“Myntra values freshness. Fresh stock. So new styles coming on all the time. Therefore, if you want to make Myntra your primary platform, you basically have to introduce more frequent drops and you have to get tagged to what's new.”
Ananth Narayanan: Securing initial 100 reviews is critical for Amazon ranking
“Amazon values consumer reviews and ratings. Yeah. So getting the first hundred reviews and ratings, right. Through customers, through friends, through family, or legitimately, there's an Amazon wine program that you can do. All of that actually matters the mos…”
Ananth Narayanan: Amazon is search-led while Myntra and Ajio are visibility-led
“There are two types of platforms. One is you go search for something and you get to a product. The other is you go browse for something and you get inspired to a product. So that's visibility-led. The other is search-led. Amazon is search-led. Myntra and AGO a…”
Narayanan: Scaling brands to 500 crores requires offline retail and organic pull
“A hundred and above to 500, you have to figure out how to make offline work, which is a different skill set for a lot of people who have started it this way. You have to figure out and really make sure that the product goes from push to pull.”
Narayanan: Performance-driven sales must drop to 30% beyond 100 crores revenue
“That percent from 20 to a hundred, maybe call it fifty-fifty performance and organic. Hundred plus that performance based sales should come down to 30%. Because if it doesn't, 30, 40%, it doesn't, it just, the cost of it keeps going up and up and up and up and…”
Shamani: 94% of India bought unbranded Chakki Aata in 2013
“I read that 94% India still buys Chakki Aata. That was 2013.”
Narayanan: The Indian pet care market is going to explode
“I think pets is the other big one in mind. It's immediate and people are spending. ... And they spend on the dog or the cat as much as they spend on their baby, right? I mean, or child, but I think this is an interesting space. There's a market and I think it'…”
Shamani: Naming a Brand with an Existing Word Creates Preexisting Friction
“Because if you choose a word which has meaning, then you're fighting against something already.”
Narayanan: Premium pricing works within a narrow band, not at 5x markups
“So there's a band for every one of these within that band. I think premium people think it is actually you're charging a little bit more. The packaging makes a difference. All of that makes a difference, but I don't know, maybe Kishore, you can comment on it, …”
Biyani: FMCG products fail if they break established category color codes
“So there are codes for every category. So you'll find similar color codes for a particular category. So every category is thought in a particular way. And if you move away from that code, it just doesn't sell. The consumer gets used to a certain, like if you l…”
Biyani: Brand equity means sustainably commanding a price premium over commodity costs
“Brand means you are getting, instead of a commodity of X rupees a kilo, you are getting X plus, you're getting a multiple. That's what the brand is all about. And you have to position the brand in a way that you can keep on getting that premium until when you …”
Narayanan: Growth hacking is digital real estate, not long-term brand compounding
“I'm saying growth hacking is the new way of getting a great space in a mall, right? The analogy, right? I think here on brand building, I think this consistency point is important. You have to be known for something that compounds over time, right?”
Shamani: Cluttered consumer categories require either aspiration or education
“So every time you're going to build a brand, which is in a cluttered category, you can either build it by aspiration or education. So you can either aspire people for your product to buy them that your product significantly better value, or you can educate the…”
Narayanan: Consumers will almost never pay a price premium for sustainable products
“Will somebody pay premium for it because it costs more to get to be sustainable? The answer is almost always no. If the answer to that is no, there's no economic model. So I think should one do it and be responsible? The answer is yes. Is it a selling factor f…”
Biyani: Legacy FMCG giants will inevitably acquire every successful new consumer brand
“I think they are, they know that they have a very strong balance sheet and ultimately every brand which is getting built, which will be successful, will be bought over by them. Because they will take it to that next 200 to a thousand crores.”
Narayanan: Legacy FMCG giants have caught up digitally, hurting D2C startups
“If you asked me three, four years ago, I would say most of the big players were not digitally very good. So you could actually still create some scale online and then figure out a way to see if that was enough. I don't think that's true anymore. I think all of…”
Biyani: India sees 25 million births annually, with 3 million in affluent tier
“India has two and a half crore babies produced, and even 12% of that is 30 lakhs in the community which we want to make them spend money on.”
Biyani: New D2C fashion brands should launch with no more than 70 options
“Fashion, I would say if you're doing a D to C, not more than 60, 70 options to start with.”
Biyani: Digital fashion brands must achieve 7 to 8 annual inventory stock turns
“And I believe digital brand in fashion has to do X number of stock turns, otherwise there's no sense. Yeah. At least their stock turn has to be in excess of seven, eight percent, seven, eight times.”
Narayanan: E-commerce algorithms reward brand catalog width over inventory depth
“In general, online values width more than depth. The reason is purely algorithmic. What happens is you have 600,000 SKUs in a Myntra. Number of SKUs that are tagged to a same brand name is one weightage in an algorithm that basically then says you're a large b…”
Narayanan: Machine learning adds 2 to 4 percentage points to fashion margins
“Is it possible to use machine learning to reduce inventory and reduce wastage? The answer is absolutely. And I think it's differentiated enough that if you build this as a real capability, you know, you get two, three, four percentage points more. That I think…”
Narayanan: E-commerce purchase volumes drop precipitously above 5,000 rupees
“It is true that beyond 5000,
The volumes drop precipitously.”
Narayanan: Premium sneaker brands priced above 20,000 rupees should launch offline
“I would not do it. I mean, I would not do it.
You go offline.”
Narayanan: More than 30% of online fashion orders are returned
“30 plus percent of products in fashion get returned.”
Raj Shamani: Building addition category products is easier than replacement
“It's easier to build an addition category than a replacement category.”
Shamani: Domestic Indian brands have failed to build luxury signaling value
“I tell you, the major reason is because we've not been exposed by the brands to build a signal value, which are Indian made.”
Narayanan: Consumers want provenance, creating opportunities for Indian luxury brands
“No, no, I think Indian luxury, I don't mean ethnic, right? I think there's an opportunity for handcrafting for luxury, ah, I think across a range of categories. I think, ah, you know, five years ago, seven years ago, I would have said no, but I think now there…”
Shamani: Luxury brands should never be marketed using patriotism
“No, I think luxury, you should not sell with patriotism.”
Biyani: Sabyasachi is the first Indian brand being built in luxury
“No, I think the first brand which is being built in luxury is Sabya.”
Shamani: Partner with tipping-point influencers rather than peaked superstars like Virat Kohli
“I think first you should choose people who are at the tipping point, not really big, not small. Because if you build like, if you build with number one, there's no way going up. Like it's just, there's someone number two, number three, number five waiting to r…”
Biyani: Launching pan-India brands today requires both northern and southern celebrity ambassadors
“Because in India today to launch a brand, a DTC brand, you need two stars. One from the south and one from the north.”
Kamath: Co-investing in jewelry brand BlueStone with Ranjan Pai and Sanjeev Bikhchandani
“The one thing like I have a point of contention on, like by the time this comes out, this deal will probably be done, but we're doing Bluestone.
So like me, Ranjan and Sanjeev Bhikshanani are doing it together.”
Narayanan: ONDC adds value to brands but will not replace platforms
“I do think ONDC can add value to brands.
I'm not sure there are replacement to platforms.”
Kamath: ONDC will considerably compress margins for existing e-commerce platforms
“ONDC, I think, will drive down the margins of platforms.
Considerably.
Because I might not take the arbitrage if the price difference is five percent, but if the price difference is paying 30% on Flipkart versus five percent on ONDC, I think a lot of people by…”
Biyani: Household cutlery and crockery offer easy market entry via design
“I would look at opportunity in two places. One is household wares to create a brand out there. Not home decor. I would say anything which goes into home. The cutlery, the crockery, any household. I think that's an interesting product category which people keep…”
Narayanan: Pet accessories present a 10-year growth runway with high gross margins
“I would do accessories for pets as opposed to food, I think. Leashes, pet cleaning, pet grooming. I think it's a market with high gross margins. You can create differentiated products. I think it's a 10 year sort of growth story.”
Narayanan: Indian athleisure brands can succeed by tailoring fit to Indian bodies
“I actually think Indian body types are different, by the way. So I think if you build an Indian athleisure brand, you can build it for India. You can build the fits right. I think the fabric technology, I mean, Kishore knows this better, but I think it's widel…”
Biyani: Of 120 brands created, 20 failed mostly due to flawed branding codes
“I think in my journey, we counted, we did close to a 120 brands or labels, whatever you call it. Yeah. And I would say we must have got 20 wrong. And whenever we analyze what went wrong was the name, the type style, the logo, what you call it, the, what you ca…”
Shamani: Misclassifying disinfectant sprays on Amazon under luxury GST wiped out profits
“I made a major mistake when first time I started selling on Amazon. Just the tax. I chose luxury good instead of essential. I was selling disinfectant sprays. And I chose luxury goods. And that costed me 22%. What is that, GST? GST. And that was 22%... But the…”