The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Avi Mehta - Macquarie Research - Analyst
: I just had 2 questions. One on the franchisee health in the Watch segment. We've seen like a significant amount of closures for some time. Just
wanted if there is any measures that we are taking? Or how is the general franchisee health over there? And B, I wanted to kind of just get a comment
on the -- just build on the comment that Ajoy said about Jan being healthy. Any idea of how we are trending in terms of growth rate? Has the
strength of 16% continued or kind of gone up given this activation?
Question: Avi Mehta - Macquarie Research - Analyst
: Okay. Sorry. The activation part you said Studded share is also -- is the reason for -- is the driver, right? I just wanted to reconfirm that.
Question: Avi Mehta - Macquarie Research - Analyst
: Okay. And the franchisee health?
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: My question is on jewelry. How should we look at FY '22 over FY '20 for the jewelry division? I think in 2019, you had mentioned that sales growth
in jewelry would go up by 2.5 tonnes over FY '18 to '23, which implied about 20% CAGR. Do you believe that FY '21 was just an aberration? And
the journey towards 20% CAGR would resume? Or you think gold has had some adverse impact, and that outlook does not really hold. And second
is on CaratLane. Maybe it's done like a really strong store expansion over the last 1 year, almost 70% store addition -- 70% existing store space. So
would this pace of store addition continue? And how do you -- how is the mix between online and physical sales for CaratLane now?
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: Okay. Fair enough. Second question was on CaratLane. Did you hear that or should I repeat it?
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: Yes. The question was on CaratLane. You had such a strong store expansion. Physical, like, space has gone up almost 70% in the last one year. So
would this pace of store addition continue? And also, how is the sales split between online and CaratLane store now?
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: Yes, yes, yes. The question was on the -- like focus going forward will be what, like focus will be on...
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: Store expansion.
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