Kiaasa Retail Ltd. (BSE SME)

Established in 2018, Kiaasa Retail Limited is an Indian women’s ethnic and fusion wear brand headquartered in Ghaziabad.
The brand focuses on affordable yet stylish ethnic fashion, catering to modern Indian women across Tier-1, Tier-2 and Tier-3 cities.
Operates 113 brand outlets across 70 cities along with an online presence, ensuring omnichannel reach and customer accessibility.
Product portfolio includes Kurtas, Suit Sets, Lehenga Sets, Bottoms, Dupattas, Jewellery, Bags and Accessories, covering everyday wear to occasion-based collections.
The company follows FOFO, COCO and FICO retail models, allowing asset-light expansion while maintaining operational control.
Its strategy revolves around rapid store rollout, regional fashion alignment and strengthening offline retail dominance.
IPO proceeds will be utilised for opening new stores (₹50.37 Cr) and general corporate purposes to support expansion plans.

Strong leadership and expansion strategy: Focused management and multi-model retail structure have enabled rapid store growth and structured scaling across multiple states.

Designs aligned with local culture: Collections are curated to reflect regional tastes and festive preferences, helping build strong emotional connect and repeat customer base.

Quality-focused brand positioning: Strict quality checks combined with competitive pricing enhance brand credibility and customer loyalty.

Geographical concentration risk: A meaningful portion of revenue comes from Uttar Pradesh, exposing the company to regional economic or regulatory disruptions.

Lease dependency risk: Retail outlets and offices operate on leased premises; termination or non-renewal of leases may affect business continuity.

Brand reputation risk: Sales performance depends heavily on brand perception; inability to maintain marketing effectiveness or handle negative publicity may impact growth and profitability.