Riyaasat Lifestyle Limited

1. Overview

Riyaasat Lifestyle Limited is a Gujarat-based ethnic wear company (incorporated October 23, 2021) that blends traditional craftsmanship with contemporary design across menswear and womenswear collections. The Company positions itself as a one-stop family-attire destination, with a differentiated customization proposition — customers can personalize not only sizing but also styles, designs, and embroidery, including coordinated outfits for entire families.

The Company operates an omni-channel retail model combining Exclusive Brand Outlets (EBOs / "Showrooms") with an online presence via its own website (www.riyaasat.in) and third-party marketplaces. As of March 31, 2026, Riyaasat operated 6 EBOs across Gujarat and Maharashtra, with showrooms concentrated in Ahmedabad and Vadodara and a production workshop in Mumbai. Store formats range from 1,790 sq. ft. to 9,419 sq. ft., all on lease and company-operated.

The brand "Riyaasat" is built around premium men's ethnic wear (Sherwani, Kurta Pyjama, Jodhpuri) while progressively expanding into womenswear.

As a recently incorporated SME issuer, Riyaasat competes in the highly fragmented Indian ethnic wear market, where it differentiates on customization, family/occasion-wear positioning, and an affordable-premium price point rather than scale.

2. Business Model and Revenue Streams

Riyaasat's revenue is generated through two production-and-sourcing channels (manufacturing vs. trading) and distributed via a PAN-India retail network of EBOs, key accounts, distributors, and online channels.

Manufacturing vs. Trading Revenue Split

Trading revenue dominates the mix (~65–77%), indicating reliance on sourced/finished goods alongside in-house manufacturing.

Channel Structure

Exclusive Brand Outlets (EBOs): The cornerstone of retail operations; central to the growth strategy. First EBO launched in Ahmedabad in October 2021.

Online: Direct sales via own website plus marketplaces; online platform launched November 2023.

Key accounts and distributors: Part of the broader PAN-India network.

Store Network Build-Out

Revenue Concentration

High store concentration risk: The top 2 EBOs contributed 54.8% of revenue in the stub period (64.0% in FY2025; 67.3% in FY2024) — a meaningful dependency on a small number of outlets.

Sourcing network: Raw materials and finished goods are procured from suppliers, weavers, and traders across Gujarat, Delhi, Uttar Pradesh, Maharashtra, West Bengal, and Haryana, including Lucknow brocades and Banarasi fabrics.

3. Products and Service Portfolio

Riyaasat offers Indian ethnic wear plus fusion and Indo-Western styles, spanning both menswear and womenswear.

Menswear: Sherwani, Kurta Pyjama, Jodhpuri, Koti-sets, Indo-Western.

Womenswear: Sarees, Lehengas, Gowns, Indo-Western, Suits.

The portfolio is led by men's ethnic wear — the segment for which the Company has built its reputation — with womenswear flagged as the key emerging growth category.

Top-5 Product-Wise Revenue (₹ crore)

Sherwani is the single largest revenue driver, consistently contributing ~19–20% of sales, while Lehenga Choli has been the fastest-rising line (14.0% → 19.2% of revenue over FY2023–FY2025). The top-5 products account for ~74% of FY2025 revenue, reflecting a concentrated, occasion-led catalogue.

Operating Footprint

• 6 EBOs as of March 31, 2026, across Gujarat and Maharashtra.
• Showroom formats: 1,790–9,419 sq. ft., all leased.
• A Mumbai workshop equipped with automated and semi-automated equipment supports in-house production.
• Seasonal catalogue / look-book released each season to refresh designs.

4. Key Business Strengths

• Deep Customization Capability: Personalization extends beyond sizing to styles, designs, and embroidery, including coordinated family/occasion wear — a core differentiator in a commoditized market.
• Reputation in Men's Ethnic Wear: Established brand standing in premium Sherwani, Kurta Pyjama, and Jodhpuri categories blending heritage craftsmanship with contemporary design.
• Omni-Channel Presence: Combination of physical EBOs in Ahmedabad/Vadodara with an online channel improves accessibility and customer reach.
• Affordable-Premium Positioning: Delivers premium fabrics and craftsmanship at accessible price points, widening the addressable customer base.
• Strategic Locations & Well-Equipped Workshop: Showrooms in high-street locations supported by a Mumbai production facility ensuring efficiency and quality control.
• Quality-Focused Sourcing: Multi-state supplier network (Gujarat, Delhi, UP, Maharashtra, West Bengal, Haryana) with stringent stage-wise quality inspections.
• Promoter Domain Expertise: Promoter family brings decades of combined experience in men's clothing and traditional wear, anchoring a family-driven business model.

5. Future Growth Strategy

• Cluster-Based Store Expansion: Open new flagship stores in strategic locations within existing geographies, leveraging an omni-channel network to capture larger market share.
• Wholesale Supply Expansion: Enter the B2B wholesale sector through partnerships with established brands and retailers to broaden distribution and revenue streams.
• Womenswear & Accessories Build-Out: Expand the womenswear range and add accessories (jewellery, scarves, handbags) to become a true one-stop occasion-wear destination.
• E-Commerce Strengthening: Leverage website and social media platforms to bridge geographical gaps and reach regions without physical showroom presence.
• Capacity-Led Capex: Deploy IPO proceeds toward setting up 4 new showrooms (₹12.47 crore) and working capital (₹9.50 crore), funding the next phase of physical expansion.