M.D. statement
It's a pleasure to present this annual report for the year 2022. It has been a tough
year across the globe both economically and physically, but the human race has always been
resilient and prone to bounce back with better learning and adaptation. We at Ninecolours
believe that our resilience during these tough times have helped us and will continue to
help us to bounce back in a bigger and stronger way, while also teaching us better
survival techniques to adapt to this changing world order. Yes, the sales are bouncing
back - though slow - and customers are looking towards making their special occasions even
more special and memorable, with fashion and confidence. We believe that clothes instil
confidence, and colours instil emotions, joy, happiness and positivity.
In the bygone year, we have improved on our technology, catalogues and quality of
products. We have engaged with our customers in better and newer ways. Our belief is
simple and strong: to deliver to our customers the best possible experience and not just
products. We continue to focus on how we can add to the customers' experience by seeing
from their eyes, understanding their needs and ensuring that they get more than just
'value for money'. Going forward, our key focus is to strengthen our e-commerce processes
and expand our categories, both horizontally and vertically.
Our strategic objectives going forward also focus majorly on improving the consumer
experience by curating and creating better outfits, giving people the confidence to be who
they want to be, inspiring them with outfits that they will love and want to experiment
with, educating them about the latest trends in fashion, and making them comfortable with
the change.
We have added more brands and manufacturing to our ambit this year which we believe
shall be able to add to our existing revenues and help us improve our sales and margin mix
over the next few quarters.
In this difficult year the second and third wave has hit us more, The consumer
confidence was down and consumer spending took a hit. We were able to achieve sales of
120.40 million rupees.
Thanks for your continued interest in our company and for investing in our future. We
are well positioned to win - we have the plan, we have the assets and most importantly, we
have the people who are hungry to make a difference and innovate for customers in new
ways. This is a great time to be at Nivaka Fashions Limited. I am excited for the year and
what we will accomplish.
Bhavin Jain
Managing Director