The yellow wave flowing across stands for transformation, optimism and positive growth, projecting the brand’s new values. Paragon, which is a larger player than relaxo in terms of volumes is also increasingly focusing on selling tyres!3). while the earlier capex were done towards low priced products such as Hawaii slippers incremental capex is on stuff like Sparx and Flite, i think the asset turns in these products is much higher.There has been a massive 1500 basis points expansion in gross margins over the last 8 yrs, indicative of the fact that the company has been able to move up the value chain in terms of product mix and as well as raise prices. […]Excellent analysis & discussion, thanks Professor. Thoughts of a teacher & practitioner of value investing and behavioral economicsOn Friday 20 Sept, my friend, Ravi Purohit and I gave a talk to my students in MDI on the company. I found two: Tata Motors and Hero Moto Corp.Does this tell us anything about how difficult it is to achieve this feat?Thanks. Moreover, Bata is also an international company with presence across the world. Clothing brands also seem to suffer from this problem.There will be exceptions. Inhalt. A modified version of the transcript can be seen from Our calculations (yours and mine) are based on reported earnings numbers and one of the key points of the lecture was that those numbers understate true economic earnings, so the picture would look much better if you look at owner earnings.

They have been around for decades. And the cost of waiting for a bargain to emerge in an inflationary world is quite expensive.The flip-side of THAT is that the extra returns for investing in great business at bargain prices may offset the cost of waiting, but I have no way to help anyone predict whether this will happen in the future as well…My inclination is that if you have money, and good opportunities, then should let them meet provided you can think in terms of decades…Firstly, thank you again for being a teacher even to those of us outside your classroom.I walked into a local shoe store to look at the products made by Relaxo and found them to be sub-standard on a general scale. Given the size and profitability of company, it appears a little too high especially in light of the fact that the management are already majority shareholders.

The Debt / Equity ratio has gone from 0.3 to 1.04 over the last 10 years. Init 30.

it’s pretty rare for an clothing brand to last a generation. Can this be a corporate governance red flag?

If entirely equity funded, and assuming a tax rate of 34%, this would result in post-tax ROE of 13.5% and 14% respectively.

Do you think its a good strategy to buy stocks only when there is some temporary problem and everyone hates the stock [like what John Templeton and Irving Khan suggest] or will it be too narrow focus.Buying a great business at a bargain price will deliver better results than buying it a fair price.

They might not disappear, but they are not the very cool anymore. Or is there something else too?Profits being pumped back to support growth makes sense only if incremental ROE is high, which happens to be the case in Relaxo. Typen Fähigkeiten; Immunität, Speckschicht, Völlerei: Basiswerte; KP 160.

Then, of course, you have to have a management screen and a valuation one as well before deciding where to invest.Seems whole group has bumped up the stock for today atleast by 9% on a day when market was bleeding high! as proxy for maintenance capex and another Rs 3.63 cr as interest and we get a figure of Rs 4.4 cr. But why can’t Bata or Liberty?

There is also M&M but that’s not the key point I want to make here.We already know that once upon a time, Relaxo was a contract manufacturer for Nike. Yes we can. How does one gain confidence that a situation of this nature holds a promising future (or as Buffett-Munger say, good in the long run)?Nikhil, did you compare with Nike (or other global brands) or with unbranded products?Personally speaking, I recently bought a pair of sandals (shifted from woodlands) and found them to be very very good.Personal experiences apart, one should pay attention to the aggregate buying patterns i.e. Its non-leather footwear is a fifth of relaxo’s in terms of volumes. 100 bucks per pair) is very unattractive to players that earn significantly higher. Anyone with capital can hire Bollywood stars, set up factories, gain access to third party distribution networks and so on.

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