We wish to inform you that the Board of Directors of the Company, at its meeting held today i.e. on Friday, February 4, 2022, has discussed its plans to set up a platform for foraying into the Direct to Consumer ('D2C') business and provided an omnibus approval to set up a new subsidiary towards building a portfolio of distinct, new-age, digital brands across categories in fashion, beauty and other allied lifestyle segments. In this connection, a press release with detailed information is enclosed herewith.