As can be seen most of these brands have scaled rapidly but are struggling for profitability. Having established a strong online presence, we believe the next leg of growth for these brands is likely to come from offline expansion. However, we believe their brick & mortar growth journey is not going to be easy as luggage is sold via diverse channels like GT, MT, MBO's, EBO's, CSD, and institutional. Penetrating every category and establishing a diversified presence across channels is a daunting task. For instance, one needs to have a very strong brand to penetrate GT and MT. Starting an EBO could be capital intensive or may require fixed rental commitment. Further, cracking the CSD channel requires relationship with government officials, and it is time...