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KKCL Posts Record Q2 results

07 November 2025, Mumbai 

Kewal Kiran Clothing Limited (KKCL), the four-decade-old lifestyle powerhouse, has just delivered its best-ever quarterly performance, reporting Rs 354.1 crore revenues for Q2 FY26 and surpassing margin guidance with a 20 per cent EBIDTA margin. While the financial figures underscore operational discipline, the company’s recent success is rooted in a forward-looking strategy that moves beyond its traditional menswear dominance: a dynamic multi-brand architecture, aggressive asset-light retail expansion, and a steadfast focus on profitable growth.

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The winning strategy

KKCL’s strength lies in its fully integrated operations from designing and manufacturing to branding and retailing which ensures strong control over product quality and cost factors. Their current growth is being driven by a clear brand segregation and strategic diversification:

Table: The flagship & power brands

Brand

Category focus

Target demographic

Role & growth

Killer

Premium Casuals, Denim

Youth (Core customer)

Flagship brand, contributing over 60% of total revenue. Embodying youthful boldness, it leads product innovation in the denim segment.

Integriti

Youth Casual & Work Wear

Value-conscious Youth

Second largest contributor (approx. 15-20% of revenue). Provides a trusted, value-proposition across casual and work wear.

Lawman Pg3

High Fashion, Partywear

Young Adults

Pivoting to a retail-centric model (EBOs) after rationalizing its presence in the MBO channel to maintain its premium high-fashion positioning.

Easies

Semi-Formal, Corporate

Discerning Professionals

Merges elegance with modern sensibility, focusing on refined semi-formal menswear (chinos, shirts), catering to the growing 'smart casual' segment.

Source: Compiled from Kewal Kiran Clothing Limited (KKCL) Q2 FY26 Press Release, KKCL Annual Reports, Credit Rating Agency Reports, and Management Earnings Call Transcripts.

The diversification drive, targeting women and kids

To overcome revenue concentration challenges (historically relying heavily on Killer), KKCL has entered the fast-growing women's and kidswear segments:

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Kraus (women’s denim): In June 2024, KKCL acquired a 50 per cent stake in Kraus Casuals. This move provided an immediate and strong entry into the women's denim wear segment. In just nine months post-acquisition (9MFY25), Kraus recorded revenues of Rs 162 crore, indicating strong consumer traction and serving as a major growth engine for diversification.

Junior Killer (kidswear): Targeting the young boys' segment, this brand ensures KKCL connects with consumers early and secures loyalty for future growth cycles.

The retail revolution

The core of KKCL's ‘Vision 2028’ is an aggressive retail infrastructure scale-up, moving away from a traditional Multi-Brand Outlet (MBO) reliance to a direct-to-consumer focus through Exclusive Brand Outlets (EBOs). Hemant Jain, Joint Managing Director, affirmed this commitment stating, "The strong performance of our existing EBOs has instilled confidence in this strategy, and we believe that further expansion will continue to yield positive results."

Table: Retail initiatives

Metric

Q2 FY26 status

FY2028 target

Strategy & initiative

Total Exclusive Brand Outlets (EBOs)

652

>900

Adding 80-100 EBOs annually, driven by an asset-light model.

Q2 FY26 EBO Additions

29

-

Significant pace of expansion, focused on high-street and mall locations.

Asset-Light Model

Majority FOFO stores

Sustained

Expansion is mainly through the Franchisee-Owned, Franchisee-Operated (FOFO) model, ensuring rapid scalability without stressing the balance sheet.

Channel Focus

Retail channel grew 86% in Q1 FY26

Increased contribution

Intensifying penetration in high-potential markets, particularly Tier 2 and Tier 3 cities, which are showing faster revenue growth than metros.

Brand Visibility

Asia Cup 2025 Title Partnership

High-impact Marketing

Association with major sports events to significantly amplify visibility and consumer connect across India and South Asia.

Navigating challenges with profits

KKCL's integrated model is a direct response to historical industry challenges, demonstrating a commitment to ‘Stability, Sustainability, and Scalability’ over reckless growth. Meanwhile the Indian apparel market has seen an onslaught of international brands, private labels, and the rise of e-commerce, creating fierce pricing pressure. To face this realty unlike some competitors who chase market share via deep discounting, KKCL's management has maintained a policy of ‘profit-led growth’. The company has been able to sustain strong EBIDTA margins (consistently in the 18-20 per cent range) by leveraging four in-house manufacturing units (ISO certified) to control the entire value chain, reducing external reliance, and improving cost efficiency. And driving higher realizations through a stronger focus on full-price sales and a premium denim product mix.

The COVID-19 crisis and inventory shocks

The pandemic necessitated a temporary shift to a 'just-in-time' inventory model, impacting FY24 revenue growth. A foundational management principle has been to avoid high-risk leveraged growth and focus on building strong cash reserves. This foresight and fortitude allowed the company to weather the crisis with minimal long-term impact and quickly accelerate its retail expansion post-pandemic (adding 131 EBOs between FY21-23), positioning it perfectly for the subsequent consumer recovery. As Kewalchand P Jain, Chairman and Managing Director says, "Our foresight and fortitude are enabling our brand equity to outshine in these tough times. We have been aggressively investing to build strong product brands... but have always avoided high-risk leveraged growth."

The strong Q2 performance contributed to outstanding half-yearly growth, reaffirming the success of KKCL's strategic execution.

Table: KKCL’s financial overview

Particulars (Rs cr) H1 FY26 H1 FY25 Y-O-Y growth Revenue from Operations 587.8 459.5 27.90% Gross Profit (GP) 247.8 197.5 25.50% EBIDTA 112.5 91.5 23.00% EBIDTA Margin (%) 19.10% 19.90% -

Thus KKCL’s story is a compelling blueprint for how a legacy Indian fashion house is adapting to a globalized, fast-fashion landscape. Its combination of a disciplined financial framework and agile retail expansion, backed by the strategic acquisition of Kraus, positions it for transformative growth. With the macro environment showing signs of sustained recovery and discretionary spending on the rise, KKCL is progressing toward its Vision 2028 roadmap, a target of Rs 1,500 crore in revenue, driven by continued product innovation, premiumization, and deeper retail expansion. As Managing Director Hemant Jain sums up, "We remain committed to driving profitable brand-led growth while delivering superior shareholder returns over the long term."

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Lacoste India expands retail footprint with launch of first boutique in Chhattisgarh

03 November 2025, Mumbai 

Operated by Sports and Leisure Apparel, Lacoste India has achieved a significant milestone in its national retail expansion strategy with the launch of its first boutique in Chhattisgarh.

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The new store is strategically situated at Magneto Mall in Raipur, formally marking the premium apparel brand's entry into a key emerging market region.

This strategic move aligns directly with the company's objective to enhance its physical footprint and improve accessibility for customers across the entire nation.

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Rajesh Jain, Managing Director & CEO, Lacoste India - Sports and Leisure Apparel, highlighted the importance of this step, stating, wih every new opening, the brand move closer to their vision of reaching more cities and customers across India.

The Raipur store opening is a key execution point in Lacoste India’s strategy to increasingly target Tier-II and emerging cities, moving beyond established metropolitan centers.

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This initiative is designed to achieve geographic diversification by actively expanding the brand's presence to new states and cities, ensuring that the iconic ‘crocodile’ reaches a broader national customer base.

By securing high-visibility locations like Magneto Mall, the company is committing to enhanced accessibility, bringing the complete range of Lacoste apparel, footwear, and accessories directly to local consumers.

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This strategic growth is positioning the brand to capture market share in regions that are experiencing rapid economic development and an increase in discretionary spending, thereby reinforcing its leadership in the luxury and leisure apparel segment.

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Anita Dongre opens new flagship store in Los Angeles

03 November 2025, Mumbai 

Celebrated Indian fashion designer Anita Dongre, renowned for bringing the essence of Indian craftsmanship to the global luxury landscape, has announced the opening of her newest flagship store in Los Angeles.

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Located at Gardenhouse Beverly Hills, this is the brand’s 13th store worldwide and represents its most significant US expansion since the New York City flagship opened in Soho in 2018.

Following historic debuts in New York City and The Dubai Mall, Dongre now becomes the first Indian designer to unveil a flagship store in Beverly Hills, furthering her mission of taking India to the world.

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The new space brings Dongre’s signature design philosophy - where contemporary silhouettes meet centuries-old Indian craftsmanship - to one of the world’s most iconic luxury destinations.

Shoppers can explore a curated selection of exquisitely handcrafted couture and modern ready-to-wear designed for the global connoisseur.

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The store is conceived as a sanctuary of serenity - the designer’s interpretation of modern-day Rajasthan. A delicate house fragrance welcomes guests into an immersive world where Indian crafts seamlessly blend with contemporary design, creating an oasis of nature-inspired interiors.

The standout feature is the hand-painted and hand-embellished Pichhwai walls, crafted by artisans in Rajasthan over several months.

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These walls celebrate the harmonious co-existence of flora and fauna, reflecting Dongre’s love for forests and animals. Embroidered cushions, bespoke wallpaper, custom carpets, and furnishings, all handcrafted in her atelier in India, create an atmosphere of calm, craft, and quiet luxury.

Every detail, from the flooring to the art, reflects Dongre’s deep reverence for handwork and nature. Anchoring the space is a striking installation of an elephant matriarch and calf from ‘The Great Elephant Migration.’

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This global art movement features sculptures handcrafted by indigenous communities in India using invasive Lantana weeds that threaten native forests and wildlife.

This installation symbolizes Dongre’s enduring commitment to sustainability, biodiversity, and the philosophy of Fashion For Good.

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Recognized for dressing global icons such as Priyanka Chopra, Kate Middleton, Kim Kardashian, and Dakota Johnson, Anita Dongre has built a brand synonymous with sustainability, women’s empowerment, and cultural storytelling.

Her recent collaboration with Mattel, which saw her become the first Indian designer to create a Diwali Barbie, captured imaginations worldwide and sold out within days.

SUSTAINABILITY

This partnership underscored Dongre’s enduring vision of celebrating South Asian representation and heritage craftsmanship on the global stage.

Rooted in Rajasthan, Dongre has long championed India’s artisans through initiatives that preserve and contemporize handloom weaving, embroidery, and block printing, supporting thousands of craftspeople with sustainable livelihoods.

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Her brand continues to pioneer conscious luxury across couture, ready-to-wear, and vegan accessories.

With the Beverly Hills launch, Anita Dongre brings the spirit of Indian luxury and craft to Los Angeles, inviting the city’s cosmopolitan clientele to experience a dialogue between culture, craftsmanship, and conscious design.

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