Gaurik Fashions Limited IPO

IPO Details

• Open date: TBA
• Close Date: TBA
• Minimum Investment: To be updated
• Lot Size: TBA
• Price Range: TBA
• Listing: BSE, NSE
• Issue Size: 70,00,000 equity shares (Fresh Issue of 62,00,000 shares + OFS of 8,00,000 shares)
• Listing Date: TBA

IPO Timeline

• Bidding Start: TBA
• Bidding Ends: TBA
• Allotment Finalisation: TBA
• Refund Initiation: TBA
• Demat Transfer: TBA
• Listing: TBA

About Gaurik Fashions Limited

Incorporated in 2017, Gaurik Fashions Limited is engaged in the retail and distribution business of fashion and lifestyle brands in India. The company operates franchise retail stores and distribution businesses for globally recognized brands across footwear, apparel, accessories, eyewear, and activewear categories. It manages Exclusive Brand Outlets and Factory Outlets under FOFO and COCO models for brands such as Skechers, Guess?, Bugatti, Sweaty Betty, Ray-Ban, and Shrey. Its subsidiary, Nuvora Retail Private Limited, holds exclusive distribution rights in India for Bugatti, T.T. Bagatt, and Bagatt, while the company also holds exclusive rights for Sweaty Betty in India. As of March 31, 2026, the company operated 59 stores across 14 states and union territories in India, including premium retail locations such as DLF Mall of India, Select Citywalk, DLF CyberHub, and Inorbit Mall.

Gaurik Fashions Limited IPO Overview

Gaurik Fashions Limited’s initial public offering is a book-built issue comprising a fresh issue of up to 62,00,000 equity shares and an offer for sale of up to 8,00,000 equity shares by existing investor Aries Opportunities Fund, with a total issue size of 70,00,000 equity shares. The DRHP was filed with SEBI on May 10, 2026. The equity shares are proposed to be listed on BSE and NSE. Credora Partners and Unistone Capital are acting as the book-running lead managers, while MAS Services Limited has been appointed as the registrar of the issue. The net proceeds from the fresh issue will be utilized towards setting up new stores for Skechers (₹294.85 million), investment in subsidiary Gaurik Lifestyle for new Guess? stores (₹59.83 million), investment in subsidiary Nuvora Retail for new Bugatti stores (₹83.40 million), repayment of borrowings at the company level (₹423.40 million), investment in subsidiaries for repayment of their borrowings (₹217.38 million), and general corporate purposes. The company’s shareholding pre-issue stands at 2,05,32,578 equity shares, which will increase to 2,67,32,578 equity shares post-issue.

Gaurik Fashions Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	70,00,000 shares (aggregating up to ₹[.] Cr)
Fresh Issue	62,00,000 shares (aggregating up to ₹[.] Cr)
Offer for Sale (OFS)	8,00,000 shares (aggregating up to ₹[.] Cr)
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	2,05,32,578 shares
Shareholding post-issue	2,67,32,578 shares

 Gaurik Fashions Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Gaurik Fashions Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

Gaurik Fashions Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹9.13
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	28.15%
Net Asset Value (NAV)	₹41.32
Return on Equity (RoE)	28.15%
Return on Capital Employed (RoCE)	22.53%
EBITDA Margin	26.14%
PAT Margin	8.55%
Debt to Equity Ratio	0.92

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilized as per the details provided in the table below:

Particulars	Amount (in ₹ million)
Setting up of new 6 stores for Skechers by the company – Funding capital expenditure and initial inventory	294.85
Investment in wholly owned subsidiary Gaurik Lifestyle for setting up new 7 stores for Guess?	59.83
Investment in subsidiary Nuvora Retail for setting up new 5 stores and funding initial inventory for Bugatti	83.40
Repayment or prepayment of certain borrowings availed by the company	423.40
Investment in subsidiaries for repayment/pre-payment of their outstanding borrowings	217.38
General corporate purposes*	[●]

*To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC. The amount utilized for general corporate purposes shall not exceed 25% of the amount raised by the company.

Gaurik Fashions Limited Financials (₹ in Millions)

Particulars	December 31, 2025	March 31, 2025	March 31, 2024	March 31, 2023
Total Assets	3,664.52	3,324.00	2,663.55	870.83
Revenue from Operations	2,025.86	2,204.03	1,720.05	579.78
Profit After Tax	173.25	122.63	34.86	3.48
Reserves and Surplus	757.53	437.76	125.90	34.84
Total Borrowings	711.91	535.37	653.36	298.70
Total Liabilities	2,867.05	2,853.00	2,514.52	823.39

Financial Status of Gaurik Fashions Limited

SWOT Analysis of Gaurik Fashions Limited

Strengths and Opportunities	Weaknesses and Threats
Strong network of global brand partnerships with Skechers, Guess, Bugatti	High revenue concentration in Tier I cities at 84.41%
Exclusive distribution rights for Sweaty Betty and Bugatti in India	Dependence on franchise model with limited brand control
Strategic store locations in premium high-footfall malls	Intense competition from organized and unorganized retailers
Rapid store expansion from 12 to 59 stores in three years	Seasonality and cyclical nature of fashion retail
Experienced promoters with prior experience in Adidas, Puma	Currency fluctuation risks impacting imported inventory costs
India apparel retail market poised to reach US$193 billion by FY30	Changing consumer preferences and fashion trends
Organized apparel retail projected to grow at 13-14% in FY26	High rental costs in premium mall locations
Premium footwear segment growing at 6.46% CAGR through 2033	Supply chain disruptions affecting inventory availability
Athleisure market projected to reach $21.25 billion by 2033	Regulatory and compliance risks in retail operations
E-commerce fashion market growing at 21.1% CAGR through 2030	Rising competition from D2C and online-first brands

Gaurik Fashions Limited IPO Strengths

Strong Network of Brand Partnerships and Strategic Synergies

Gaurik Fashions Limited is associated with globally recognized brands spanning mass and mid-market to luxury segments across footwear, apparel, and accessories. The company has strategically curated brands spanning athleisure, sportswear (Skechers), premium fashion (Guess?), and premium footwear (Bugatti). Four of Skechers’ top ten highest revenue-generating stores in India are operated by the company, and it operates 22 out of 29 Guess retail stores in India, establishing itself as the dominant franchise partner for the brand.

Exclusive Partnership with Brands

Gaurik Fashions Limited holds exclusive distribution rights for Sweaty Betty in India, while its wholly owned subsidiary Nuvora Retail Private Limited holds retail and exclusive distribution rights for Bugatti, TT. Bagatt, and Bagatt in India. This exclusivity provides the company with a distinct competitive advantage, enabling controlled access to premium international brands with limited market availability and supporting better supply chain coordination and strategic expansion.

Strategic Locations of Stores and Strong Brand Presence Across India

The company’s stores are strategically located in areas with significant consumer footfall, such as malls, high streets, and prominent commercial zones. As of March 31, 2026, the company has 3 stores at airports, 13 stores on high streets, and 43 stores in malls. This presence across major metros, Tier I and Tier II cities has built wide and balanced market coverage that supports both scale and customer engagement, with steady year-on-year addition of new stores expanding reach and deepening brand penetration.

Rapid Store Expansion and Growing Scale

Gaurik Fashions Limited has demonstrated remarkable growth in its retail footprint, expanding from 12 stores in Fiscal 2023 to 59 stores as of March 31, 2026. The company operates through 59 stores across 14 states and union territories, with a total square feet carpet area of 99,802 square feet as of December 31, 2025. This rapid expansion reflects the company’s ability to scale operations efficiently and capture market share in the growing premium fashion and lifestyle segment.

Experienced Promoters Supported by Senior Management Team

The company is led by experienced promoters with extensive industry knowledge and proven expertise in retail, distribution, and brand management. Promoter and Managing Director Vishnu Pillai brings over 19 years of experience in the retail fashion industry, while Promoter and Whole Time Director Rajesh Dudi brings over 10 years of experience. The leadership team has prior experience with Adidas, Puma, and Reebok operations, providing deep domain expertise in sportswear and fashion retail.

Strong Financial Performance with Improving Profitability

Gaurik Fashions Limited has demonstrated exceptional financial performance with revenue from operations growing at a CAGR of 94.98% between Fiscal 2023 and Fiscal 2025. EBITDA margin expanded from 21.27% in Fiscal 2023 to 26.14% in the period ended December 31, 2025. Profit after tax grew from ₹3.48 million in Fiscal 2023 to ₹122.63 million in Fiscal 2025. Return on Net Worth improved significantly from 7.61% to 41.35% during the same period.

More About Gaurik Fashions Limited

Business Overview

Gaurik Fashions Limited, incorporated in 2017, operates through two primary business verticals: Retail and Retail & Distribution. The company manages Exclusive Brand Outlets and Factory Outlets under FOFO and COCO models for globally recognized brands. As of March 31, 2026, the company operated 59 stores across 14 states and union territories.

Brand Portfolio

The company’s brand portfolio spans multiple categories:

• Skechers: The largest brand contributing 56.16% of revenue in the period ended December 31, 2025, with 32 stores as of December 31, 2025.
• Guess?: Contributing 26.47% of revenue with 20 stores as of December 31, 2025.
• Bugatti: Contributing 11.21% of revenue with 5 stores as of December 31, 2025.
• Ray-Ban: Distribution arrangement with Luxottica India Eyewear Private Limited.
• Sweaty Betty: Exclusive distribution rights in India pursuant to agreement with Wolverine Worldwide, Inc.
• Shrey: Distribution arrangement with Kohli Sports Private Limited.

Distribution Network

The company’s subsidiary, Nuvora Retail Private Limited, holds exclusive distribution rights in India for internationally known footwear brands, Bugatti, TT. Bagatt, and Bagatt. The company has also secured exclusive distribution rights for Sweaty Betty in India. Additionally, the company has a non-exclusive distribution arrangement with Luxottica for Ray-Ban eyewear products within the territory of Delhi.

Store Locations

The company’s stores are present in premium retail destinations including DLF Mall of India, Select Citywalk, DLF CyberHub, DLF Promenade, and Inorbit Mall. As of March 31, 2026, the company has 3 stores at airports, 13 stores on high streets, and 43 stores in malls. Revenue is primarily concentrated in Tier I cities (84.41% of revenue in the period ended December 31, 2025), with key states including Delhi (38.64%), Karnataka (18.42%), Uttar Pradesh (11.46%), and Madhya Pradesh (5.86%).

Operational Metrics

As of December 31, 2025, Skechers recorded average revenue per square foot of ₹16,157 and an average selling price of ₹4,284. Guess reported an average order value of ₹11,303, while Bugatti achieved an average revenue per square foot of ₹46,636.

Industry Outlook

India Apparel Retail Market

India’s apparel retail market is poised for robust expansion, with the segment estimated at ₹9.30 lakh crore (US$112 billion) in FY25, having expanded at a CAGR of around 7% since FY18. The market is projected to reach nearly ₹16 lakh crore (US$193 billion) by FY30, supported by rising disposable incomes, rapid digitalisation, and sustained demand across multiple apparel categories. The Indian textile and apparel market was valued at USD 248.70 billion in 2025 and is projected to reach USD 656.31 billion by 2034, growing at a CAGR of 11.38%.

Organised Apparel Retail

The organised apparel retail sector is projected to see revenue growth of 13-14% in FY26, boosted by GST rationalisation which is expected to add about 200 basis points to revenue growth. Favourable demographics, urbanisation, and increasing fashion consciousness are expected to sustain growth momentum over the medium term.

Footwear Market

India’s footwear market was valued at USD 33.86 billion in 2025 and is expected to grow annually at a CAGR of 7.73% from 2025 to 2030. The premium footwear segment is underpenetrated but rapidly growing, as rising disposable incomes lead consumers to seek higher quality and branded options, particularly in urban areas.

Athleisure and Sportswear Market

The Indian athleisure market was valued at USD 13.16 billion in 2024, with expectations to reach USD 21.25 billion by 2033, growing at a CAGR of 5.5%. Sportswear demonstrated robust current value growth in India in 2025, with an 11% increase in sales driven by rising disposable incomes and an expanding urban middle-class population.

E-Commerce and Digital Fashion Retail

India’s online fashion retail market is valued to increase by USD 56.21 billion, at a CAGR of 21.1% from 2025 to 2030. India’s e-retail gross merchandise value reached nearly $65-66 billion in 2025, growing 19-21% in value terms.

How Will Gaurik Fashions Limited Benefit

• The company’s strong brand partnerships with Skechers, Guess, and Bugatti position it to benefit from India’s apparel retail market projected to reach US$193 billion by FY30 at a 7% CAGR.
• The organised apparel retail sector’s projected 13-14% revenue growth in FY26 creates a favourable environment for the company’s store expansion plans.
• The company’s exclusive distribution rights for Sweaty Betty and Bugatti position it to capture a share of the athleisure market projected to reach USD 21.25 billion by 2033 at a 5.5% CAGR.
• The premium footwear segment’s growth at 6.46% CAGR through 2033 benefits the company’s Bugatti and Skechers brand portfolio.
• The company’s strategic store locations in premium high-footfall malls across Tier I and Tier II cities provide strong brand visibility and customer reach.
• The rapid expansion from 12 to 59 stores in three years demonstrates the company’s ability to scale operations and capture market share effectively.
• The company’s improving operational metrics, with EBITDA margin expanding to 26.14%, reflect operational efficiency gains.
• GST rationalisation expected to add 200 basis points to organised apparel retail revenue growth benefits the company’s retail operations.
• The growing fashion consciousness among Indian consumers and increasing disposable incomes support sustained demand for the company’s premium fashion and lifestyle products.
• The company’s asset-light franchise-led business model enables scalable expansion with limited capital expenditure.

 

Peer Group Comparison

Name of Company	Face Value (₹)	Basic EPS (₹)	Diluted EPS (₹)	P/E Ratio	RoNW (%)	NAV (₹)
Gaurik Fashions Limited	10	7.04	7.04	[●]	41.35%	27.41
Peer Group
Page Industries Limited	10	653.71	653.71	58.08	48.54%	21.53
Arvind Fashions Limited	4	(2.56)	(2.56)	(178.41)	3.51%	72.50
Brand Concepts Limited	10	4.22	4.13	60.48	7.18%	11.25

 

Key Strategies for Gaurik Fashions Limited

Growing Market Share and Network Through New Store Rollouts

Gaurik Fashions Limited intends to strengthen its market position by expanding its retail footprint through the rollout of new Exclusive Brand Outlets and Factory Outlets across India, with focus on high-potential locations. The store rollout strategy is driven by detailed market analysis including consumer preferences, footfall, brand positioning, and commercial viability of locations. The company proposes to open six additional stores for Skechers, five stores for Guess?, and five stores for Bugatti in Fiscal 2027, and two stores for Guess? in Fiscal 2028.

Strategic Partnerships with Global Brands

The company has entered into agreements with international brands such as Skechers, Guess, Bugatti, and Sweaty Betty across apparel, footwear, and lifestyle categories. These partnerships leverage strong brand equity, established customer loyalty, and global design expertise, enhancing store appeal and diversifying the product portfolio. The company’s prior experience in introducing international brands to the Indian market positions it to further capitalise on these opportunities.

Expansion of Omnichannel Presence Through E-Commerce Platforms

Gaurik Fashions Limited is strategically focused on expanding its digital footprint through an omni-channel approach to drive revenue growth and broaden its customer base. The company has secured exclusive rights for Bugatti and Sweaty Betty, granting rights to sell over e-commerce platforms. The company plans to scale sales presence across leading e-commerce marketplaces and develop dedicated brand websites to facilitate direct-to-consumer sales, strengthening customer engagement and brand control.

Diversification of Brands to Reduce Dependency

The company continues to expand its retail presence across multiple brands to reduce dependency on any single brand. The brand-wise revenue diversification shows Skechers at 56.16%, Guess? at 26.47%, and Bugatti at 11.21% in the period ended December 31, 2025, reflecting a balanced portfolio approach that enhances business stability and resilience.

Focus on Customer Experience and Standardisation

The company standardises store design and service quality as per brand guidelines to deliver a consistent customer experience across all locations. This focus on customer experience, combined with the strategic advantage gained from early focus on Tier I cities, enables the company to capitalize on market trends and strengthen long-term brand associations.

FAQs

How can I apply for Gaurik Fashions Limited IPO?

You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount) through your bank account.

What is the total issue size of Gaurik Fashions Limited IPO?

The IPO comprises 70,00,000 equity shares including a fresh issue of 62,00,000 shares and an OFS of 8,00,000 shares.

When was the DRHP filed with SEBI for Gaurik Fashions Limited IPO?

The Draft Red Herring Prospectus was filed with SEBI on May 10, 2026.

On which exchanges will Gaurik Fashions Limited shares be listed?

The equity shares are proposed to be listed on both BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).

What is the face value of Gaurik Fashions Limited equity shares?

The face value of each equity share is ₹10 per share.

Infographic Content

Gaurik Fashions Limited IPO Highlights

Gaurik Fashions Limited is a fashion and lifestyle retail company operating 59 stores across 14 states, partnering with global brands including Skechers, Guess?, Bugatti, and Sweaty Betty through franchise and exclusive distribution models.

• Offer Size:70,00,000 equity shares (Fresh Issue of 62,00,000 shares; OFS of 8,00,000 shares)
• Purpose:The net proceeds will be utilized for setting up new stores for Skechers (₹294.85 million), investment in subsidiaries for Guess? and Bugatti stores (₹143.23 million), repayment of borrowings (₹640.78 million), and general corporate purposes.
• Financials (Fiscal Year ended March 31, 2025):Revenue from Operations ₹2,204.03 million; Profit After Tax ₹122.63 million; EPS ₹7.04
• Listing:Mainboard IPO on BSE & NSE