Renaissance Global Limited (RGL) Q1 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the Renaissance Global Limited discussion on Q1F527 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Nishweta from Centrum Broking. Thank you and over to you.

Thank you, Anandha. Good day, everyone, and thank you for joining us on the Renaissance Global Q1 FY27 earnings conference call. We have with us Mr. Sumit Shah, Chairman and Global CEO, Ms. Darsal Shah, Managing Director, and Mr. Jagdish Bhandari, Manager of Corporate Strategy. We would like to begin the call with a brief opening remarks from the management, followed by a question and answer session. Now, I would like to invite Mr. Sumit Shah to make his opening remarks. Over to you, sir.

Thank you very much. Good afternoon, everyone, and thank you for joining us for Renaissance Global's Q1 FI27 earnings call. I am pleased to share that we have commenced FI27 with strong business momentum, supported by healthy revenue growth, improved profitability, and operating leverage. During the quarter, our revenue grew by 30% year-over-year to 690 crores. While EBITDA increased by 22% to 50 crores. Profit after tax grew sharply at 288% year-over-year to 26 crores. This performance reflects disciplined execution across the business and reinforces our confidence in the strategic transformation of Renaissance Global from a traditional jewelry manufacturer into a global, high-margin, branded jewelry platform. Our portfolio of three differentiated direct-to-consumer brands, Rondusay, with Clarity, and Enchanted Disney Fine Jewelry, provides us with a strong platform to participate in the large and attractive U.S. luxury direct-to-consumer market. Rondusay continues to be an important road driver within our branded portfolio. Positioned at the luxury end of the lab-grown diamond jewelry market, we are scaling the brand through an integrated digital and physical retail strategy. Following the encouraging response to our New York store and the opening of our San Francisco store location in July 2026, we currently operate three Jean-Lucé retail stores, and during FY27, we intend to add four more locations. We believe this measured retail expansion will deepen Jean Dusset's presence across important luxury markets in the U.S., enhance customer engagement, and over time, increase the contribution of our higher direct-to-consumer margin to revenues, profitability, and earnings. With Clarity, our digital-first fine jewelry brand also continues to demonstrate strong momentum. The brand is benefiting from its established online platform, expanding customer reach, and technology-led operating model. Finally, our licensed brand, Enchanted Disney Fine Jewelry, is progressing well too, supported by a renewed strategic focus and healthy growth across key channels. Together, these three brands give us a differentiated value proposition across customer segments and provide multiple avenues for long-term growth. Alongside the expansion of our branded portfolio, working capital optimization and cash flow are three priorities for us in FY27. The initiatives currently underway are expected to deliver working capital improvements of approximately 250 crores in the current financial year and generate cash flow from operations of more than 300 crores during the year. We expect these measures to strengthen our balance sheet, improve capital efficiency, and drive meaningful improvement in our return ratios. Looking ahead, our strategic direction remains clear. We remain committed to achieving 1,000 crores of direct-to-consumer revenue by FY29 with an operating margin of at least 15% from this segment. As a contribution from our higher-margin branded business increases, we expect the benefit from structural operating leverage. This should significantly expand our EBITDA and has a potential to drive multifold increase in the company's overall earnings over the coming years. We therefore enter the remainder of FY27 with confidence, our growing portfolio of global brands, disciplined retail expansion strategy, focus on profitability and continued emphasis on cash flow enhancement positions Renaissance Global, where it will deliver sustainable and profitable growth. Our objective remains to build a stronger, more valuable, and increasingly brand-led global jewellery business while creating long-term value for all our stakeholders. With that, I will now hand over the call to Darshal to discuss operational and financial performance in greater detail. Thank you.

Thank you, Sumit, and good afternoon, everyone.

I will take you through the key financial and operational highlights for the first quarter of FI 27. We have started the year on a strong note with healthy growth across the business, a sharp improvement in profitability, and continuous progress on working capital efficiency. Starting with revenue, our revenue excluding bullion sales grew by 30% year-on-year. To 690 crores compared with 530 crores in Q1 FY26. Importantly, the underlying growth was broad based with healthy contributions from our brand and customer brand businesses. Coming specifically to our own brand, revenue increased by 29% year on earth to reach 89 crores from 69 crores in the corresponding quarter last year. The continued growth of our owned brands is particularly encouraging as we progressively increase the contribution of our higher margin direct-to-consumer business to the overall portfolio. Moving to EBITDA, EBITDA increased by 22% year-on-year to reach 50 crores compared with 41 crores in Q1SY26. EBITDA from owned brands grew to 11.5%. From 10% in Q1 FY26, profit after tax increased by approximately 280% here on earth to reach 25.6 crores compared with 6.6 crores in Q1 FY26. While the previous year quarter has included a restructuring cost, the current quarter also demonstrates a meaningful improvement in the underlying profitability of the business. Profit before exceptional items grew by 40% year-on-year to 29.7 crores, reflecting the strength of the operating performance. Another important area of progress during the quarter has been working capital management. Working capital efficiency improved meaningfully during the quarter, with working capital days reducing to 220 days from 253 days in Q1 by 26. This is an important milestone for us and reflects the initiatives we have been undertaking across inventory, receivables and overall capital efficiency. As Sumit mentioned, working capital optimization and operational cash flow generation remain key priorities for FY27 and we expect further progress through the course of the year. Overall, Q1 FY27 reflects a healthy start to the year. With 30% revenue growth, strong growth in own brand, and 47% growth in own brand EBITDA, a sharp increase in PAT and ETF, and meaningful reduction in working capital gains. We believe these strengths provide a strong foundation as we continue to scale our branded and B2C businesses, while maintaining a disciplined focus on profitability, cash flow generation, and return ratio. With that, we can now move on to the question and answer session. Thank you.

Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchstone phone. If you wish to remove yourself from the question queue, please press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Ashok Shah from Iklavya Invesco Family Office. Please go ahead.

Thanks for taking my question. Sir, as first quarter was excellent, would we extrapolate and similar for still growth will come, more growth will come during the year?

Thank you for your question. So, you know, we've begun the year with very strong revenue and bottom line momentum. We expect to continue this momentum to continue through the course of the year. As previously communicated, we plan to exit certain business verticals and lines which are below cost of capital to optimize inventory. So while revenue growth may not continue at this momentum, we expect bottom line to be equal to or greater than the current momentum that we've experienced. Uh, after restructuring charges.

Uh, so, secondly, sir, our major business in export is, uh, to USA. So, did we get any tariff refund or something like that?

Uh, not yet. Uh, you know, we are in the process of, uh, applying for tariff refunds, and, uh, you know, we do expect to get some refunds, uh, for tariff. I think we will have to obviously share some of those refunds with our customers as well. So, you know, we will, I think we should know more in the coming quarter.

So, what could be data about? Approximately, a rough idea?

We don't have that data yet. We are still in the process of getting the application together and putting it through. So, we'll be able to provide more details in the coming quarters.

Well, if I ask, refer me, how much tax was paid during this tax increase in years?

We are not ready to share the numbers yet. I would request you to wait for one more quarter before we are able to share these numbers.

Okay, thank you. And best wishes for our current year, next three quarters. Thank you. Thank you.

Thank you. The next question is from the line of Manpreet Arora from Arora Wealth Advices. Please go ahead.

Yeah, thank you, and good afternoon. So, the first question is on the, you know, initiative, we talked about reducing working capital by 250 crores. Now, if you can, you know, drill down a bit more on the initiative, I think you mentioned about existing businesses, optimizing, and if you can provide a little more details.

Yeah, yeah. So, I think the working capital initiatives are focused around two areas. One is inventory reduction and, you know, sort of receivers as well. You know, I think that... Over the last 24 months, we've restructured the organization and reduced operating expenses by about 45 crores annually. With this reduction in manufacturing capacity to align with the lab-grown diamond realities, we are now in a position to exit certain lines of businesses where, you know, consignment days are very high or receivable days are longer. So we made a strategic decision to exit certain customers, which would actually lead to meaningful reduction in working capital. While doing that, we've sort of, you know, ensured that this should not have any impact on our bottom line. These would be businesses where, you know, the cost of capital would be higher than the EBITDA generated. So, these will be low-quality businesses which we plan to exit, and I think that would largely result in working capital reductions during the course of FY27. We expect to fully realize these benefits by the end of the current financial year.

Okay, great, great.

So, just to understand you, right, we may not say... A lot of revenue growth this year, but we will probably see margin expansion and go to better cash temperatures this year.

Yes, our expectation is true that bottom line should grow more than 30% for the year. Revenue growth may be muted because, you know, as I said earlier, we are exiting certain unprofitable lines of businesses. And, you know, on an annualized basis, this will result in an approximately 300 to 400 crore reduction in revenue. The customers that we are exiting would result in a 300 to 400 crore reduction in revenue. We don't expect this to have a meaningful impact to our bottom line. In fact, we're projecting greater than 30% growth for our bottom line for the current year.

Right.

So, which segment, will this reduction happen? It could be the customer brands. Absolutely, yes. The licensed brands and the owned brands are, you know, high margin businesses. The customer brand segments have, you know, certain areas where the working capital requirement is very high. So we focused on these specific customers where we would like to reduce exposure and reduce working capital. All right.

So my next question, thank you for that. Next question is on the licensed brand. Now, you know, we have seen that over FY24, 25, 26, the revenues have come down, and also a bit, similarly on the margins, you know, on FY24, we were 15.5%, then it came down to 14.5%, now 13% in FY26, and in this quarter, we are now 10.9%. So, what is really happening in the licensed brands verticals, it can be done.

So on the license brand segment, we were operating a very wide portfolio of brands, and even within this portfolio, what we've done is we've rationalized some of the licenses, and the focus going forward is going to be primarily on the Disney relationship and the Disney license. So there are obviously some exit costs here, which have already taken about a year or so ago. From this point, we expect the revenue to grow because of the focus on Disney, which was our largest licensing partnership. We expect this business to grow from here, from this base, and also improve back in profitability, back to the 14-15% that we were seeing earlier. So I think there has been a process of elimination of unprofitable licenses that we no longer sell. I think, you know, as emphasized in my opening remarks, I think that, you know, while the company is growing at a healthy pace, I think the focus now is also on profitable growth and improving the bottom line margin. So as a conscious decision, we decided to exit certain licenses and focus really on a few key licenses, which has resulted in muted growth. However, we're seeing strong momentum now, and the sales should pick up in the licensed brand segment going forward.

All right, great.

So just to summarize that, you know, we had licenses from Disney, Marvel, NFL, and now that we are rationalizing that, and primarily Disney is...

Yes, I mean, Disney sort of encompasses multiple licenses, Star Wars and Disney, but we are no longer sort of pursuing NFL and Netflix and Harry Potter and all those licenses. It's going to be primarily focused around, you know, the house of Disney and their brands.

Thank you. Enter the... If you can call out on our D2C brands, our own brands, you know, we had in our previous older presentation, we had a lot of brands mentioned there, including, you know, with Clarity, Joe Lily, and then Hallmark, and then Rene. But some of these, if I go to, for example, if I go to Hallmark, Everything shows are sold out, and, you know, Rene also, most of that. So, which are the most active brands that you are pursuing?

Hallmark is not an own brand. Hallmark was a licensing relationship, and, you know, it's one of the ones that we've rationalized. Even within the own brands, we are focusing on two major brands, Jean Dusset and With Clarity, which comprise the bulk of our revenue. I mean, we still own, you know, Jewel Lily as well as Everyday Elegance, but they are much smaller. The two growth brands, I think, you know, part of the efficiency drive that we've really focused on is zero in on the brands that are meaningful. And, you know, as, again, highlighted in my opening remarks, the three brands that will be most meaningful will be drawn to say with clarity and in the licensing segment, Disney. And, you know, these three and a renewed strategic focus on these brands will allow us to expand profitability and, you know, grow profitability going forward. So the focus really will be on these three power brands, which comprise a bulk of our revenue in any case.

Okay, thank you.

So, and on the next question, on the John Ducey investment, I think we have a 38.7% stake. Now, in one of our earlier presentations, we had mentioned that in FY24, you know, John Ducey had 85 crores of revenue, while the flagship store of Hollywood, I think, had 25 crores of revenue out of that. So, so the assumption is the remaining was, you know, is John Duce's other revenue coming from other, uh, online. Online, okay. And now, so can, is it possible to share the number of the revenues, of the John Duce revenues for FY25 and FY26? How much?

So, for FY26, I think the brand after acquisition grew about 30%. And, you know, I think we've sort of clearly laid out in our presentation that each store, as we add, should add between 25 and 35 rows of sales. Currently, we have three operational stores. The last store opened in San Francisco at the end of July, and there is four more expected to be opened during the course of the year. So, you know, as the stores ramp up, so will the revenue increase, and there is a corresponding impact of increase in e-commerce sales as stores open because as awareness and visibility increases in a certain geographic area, so does the sales. Okay.

So there's 25 to 30 crores per store sale because the store level economics, right? Our share of title is 38 points.

No, we currently own 65% of John Dusset. We had initially made an investment to buy 38%, and we had an option to increase it to 65%, which we exercised. So, currently, we are consolidating the entire, since it's a sort of controlled subsidiary, the revenues are recognized in full, and the share that we don't own is sort of passed to minority interest in the P&L.

Thank you for that conversation.

I was under very incorrect impression about it. And on the brand side, the Disney brand, are they the exclusive licensee for you? For fine jewelry. Yes, for fine jewelry. Thanks a lot for answering my questions. I'll go back in the queue. Thank you.

Thank you. The next question is from the line of Pichita from the Marana Capital. Please go ahead.

Sure. Thanks for giving this opportunity. I just had a couple of questions. So, first is around the consolidated margins that we have. So, we've observed that there is a reduction in margins, gross profit margins, EBITDA margins. I will give them account of boolean sales, and if yes, they will just continue to go forward.

So, yes, I think that, you know, in the near future, the bullion sales will continue, you know, I think because of the tariff mitigation strategies, we're subcontracting some of our manufacturing in the U.S. and in the Middle East. So the bullion sales, I mean, once you exclude the bullion sales, you know, the margins, once normalized, You know, have seen a little bit of a dip. I think some of this is obviously attributed to a little bit of exit cost as indicated in some of our businesses. So, you know, I think there may be a minor dip during the year, but our margins year over year are down from 7.7 to 7.2 percent. And I think this would be comparable, and like-for-like, this reduction is on account of the strategic choices that we've made to exit certain businesses which we've communicated earlier.

Got it, got it. And the second question is also related to that. So, if I understand correctly, our strategy is to reduce the B2B business, that is our customer's business, and increase more towards B2C. Now, this year, if we look at 526, there was an increase, and even quarter one, there is an increase of 34% ROI in this segment. So, are we looking at reducing it from next quarter onwards, or where do we see this degrowth would start from?

Yeah, I think the degrowth should start. So, you know, on a sequential basis, the revenue should go down in Q2 as well. And it will continue to sort of, you know, taper off in Q3 and Q4. I think sequentially, there will be a reduction in the following quarter. But I think it's difficult to sort of time the exit because, you know, the way we've chosen to exit some of these customers is since there is some amount of confinement involved is we're letting the inventory sell down. So, it's difficult to time it exactly, but I would say that the best way to think about it is that the revenue run rate will be lower by 400 towards the end of the current financial year. You know, it will kind of go down sequentially during the course of the year.

Got it, got it. So, thanks for this, and that's all from now.

Thank you.

Thank you. Reminder for all participants, please press star and 1 to ask a question. Participants who would like to ask a question, please press star and 1. The next question is from the line of Thawal Pandya from 47 Alpha Capitans. Please go ahead.

Hello, good afternoon. Am I audible?

Yes, go ahead.

Yeah, congratulations on a good set of numbers. I have two or three questions. So, can you tell me that what is the breaking figure of Jogandus' stores, like, store-wise?

Yeah, so I think, you know, currently we've seen extremely strong momentum once we've opened the stores. So, you know, obviously, you know, we inherited the Los Angeles store, you know. When we made the acquisition, the New York store was opened. In November of last year, and I think the store sort of became profitable January onwards. So, you know, again, short history, the data set is quite limited. And currently, the way the San Francisco store has opened and the momentum that we're seeing, we expect the store to be profitable from month two or month three onwards. And, you know, currently, based on the unit economics, we see a payback of less than one year for the JD store. So, you know, we're very optimistic. And, you know, obviously, we're watching the numbers very carefully as we ramp up the store rollout, as long as we say, meaningfully. But currently, as we see it, based on limited data set, usually the store is profitable in the second or the third month. And currently, as we see it, the payback period is less than one year, which is, you know, excellent numbers from our perspective. And, you know, which is why, you know, the entire company is kind of focused around the rollout of the genre of sales.

And any further acquisition for the branch, if you have any in mind?

Yes, you know, we're currently, you know, constantly evaluating new brand acquisitions. You know, I think since it's a clear strategy for us to increase the branded space, you know, nothing to report yet, but, you know, we're clearly, you know, since the past, you know, six or seven years, we've done three acquisitions, and all of our three major brands that our current focus is on have been added to the company via acquisition. So, you know, something, you know, attractive comes along. We are open to acquisitions, especially in the current year, given the fact that we expect over 300 crores of cash flow from operations. This allows us some financial flexibility to acquire new brands. So, we're open, nothing to report yet, but, you know, when there is something to report, we'll definitely announce it.

Okay, and one last question. So, as you said that you are expecting 300 crores of operating cash flow. So, how exactly are you targeting that 300 crores?

Yeah, so I think that, you know, as you spelled out in our presentation, we plan to reduce working capital by about 250 goals between production in inventory and reduction in receivables. We have identified certain customers where working capital involved is below the cost of capital, and we strategically made a decision to improve the quality of the business and meaningfully exit certain customers and relationships where the margins are low and the working capital intensity is high. So, the decisions have already been sort of set in motion, and we expect to realize these working capital benefits during the course of FY27.

Okay, that's it from my very high-end question, and I'll be right back to you. Thank you very much.

Thank you. The next question is from the line of Khushijen from Share India Securities Limited Institution. Please go ahead.

Hi, thank you for the first meeting, and congratulations on the great part of the federal government. Just a question on the finance cost side. So, we see there had been a good improvement in the balance sheet, but the Q1 finance cost remained broadly flat on more and more basis. So, assuming the Targeted Working Capital Relief, To conclude, when should we start seeing a meaningful decline in the interest expense, and what could be the reason that 527 finance costs expectations?

Yeah. So, I think that, you know, we expect to obviously, you know, realize these working capital benefits through the course of this year. You know, I think so, it would be difficult to pinpoint exactly, you know, the cash conversion to these, you know, what is sort of certain is that we definitely expect to realize these benefits by the end of the current financial year. I think you should structurally see a, you know, sort of improvement in operating cash flow during sequentially, during the course of this year. So, while we don't have exact numbers for, you know, finance costs. But our expectation is that we will end the year with meaningfully lower net debt

as compared to what we did one year ago.

Okay, perfect. Yeah, so on the WithClarity side, could you provide some more insight on WithClarity's profitability and revenue?

So, I think, you know, with Clarity, currently we have a revenue run rate of about 220-odd growth, and, you know, it's growing at a healthy clip of about 20% or so. You know, it's sort of a digital-first brand, and, you know, the focus really is on growing this brand digitally. Currently, we are seeing, you know, 20% growth, and I think the profitability will be in line with sort of our segment average of about 12% to 13%. You know, I think that with our own brand segment, we expect this, you know, profitability to increase meaningfully over time as we get operating levels, because a lot of our fixed overhead has already been absorbed. You know, the technology team, cataloging team, digital marketing team, there's a sort of obviously substantial team working on this. So, you know, as the current margins are, you know, 11 to 13% for this brand, we expect that to scale as our... Operating of scale. Both with Clarity and John Ducey, you know, enjoy 60 to 65% gross margins. So, I think, you know, as these gross margins flow through and, you know, growth occurs, we expect the profitability to increase over time for our direct-to-consumer segment.

Perfect. Thank you so much for that. And all the rest for the next quarter and the year. Thank you.

Thank you. The next question is from the line of Prateek Sautry from Samartha Investment Advisors, LLP. Please go ahead.

Congrats on a good set of numbers, sir. I have a few set of questions. First one, there's a pretty big forex law sitting in your P&L for a quarter, almost about 13 crores. If you can share your thoughts on whether... Um, whether we can see a meaningful reduction in this number going ahead, and, uh, yeah.

Darshan, do you want to take that?

Yeah, so I think, um, the forex loss is clearly due to the, uh, sort of the depreciation in the currency. And, um, you know, while we are hedged as far as our rupee expenditures are concerned, um, A large part of our sort of working capital is dollar denominated, which means that there's a natural hedge. So, I think it's sort of just, you know, on the accounting front, foreign exchange loss going through, both on the revenue as well as on the expense side. So, I think as, I mean, hopefully if the currency stabilizes around this level, we should see a meaningful reduction in the foreign exchange loss.

Okay, and so going forward, you know, in your presentation and remarks, you can maybe state EBITDA margins, net of these Forex losses.

Sure, we can explore that. We will try to explore that.

And for the other incomes, around an 8 or 9 crore number that was there for the quarter, were there any one-offs or this is largely in the normal course of business, the other income we were in this quarter?

No, there is nothing exceptional to be reported there. I think it is just the normal course of business.

And any inventory losses we suffered during the quarter because of the duration in the metal prices that we

saw from Q4 end to Q1 end?

No, no, there was no inventory loss on our end. And as far as the metal price fluctuations are concerned, we are hedged on that front as well as far as our long-term commitment to our customers is concerned. So even on that front, there is no major loss as close to the balance sheet.

So, I think while there is no loss on the metal front, you know, there is a slight bit of margin dip due to exiting certain customer lines. You know, as we attempt to, you know, reduce our inventory and receivable during the course of the year, you know, a slight dip in margin can also be attributed to some of the exit costs as we're, you know, I'm attempting to reduce our inventory and receivable during the course of the year. So, while there is no loss due to metal price increases, there is a little bit of working capital loss flowing through the P&L as we sort of reduce our working capital.

Right. And just a final question on your John DeFe venture. What are your store expansion plans for FY28? And also, will you look to, or is there an optionality to increase your shareholding above 65% in the next few years?

Yeah, so I think, you know, currently, our business plan is to get to seven stores by the end of the current financial year. And then the plan would be to add six more stores in the following year. Currently, that's the plan for 27 and 28. And, you know, the option to increase our share of John Duce would exist if the company needs more investment. So, it's something that we would obviously have to explore. Currently, that's not something that has been discussed at the board level.

So maybe for your store expansion plans in FI28, you might, I mean, that investment might become due, you know, for... So, is it possible that that is when these things could get discussed? Yes, yes, yes.

I think once we, you know, we did an initial investment of $6.5 million, and I think that, you know, as the fund utilization and retail earnings of this is discussed by the board, I mean, if there's additional need of funds, I mean, we would obviously be willing to invest more and increase the stake. But again, you know, it's not something that has been discussed with the board of John Rusey and, you know, having sort of a third-party investor, that's something we'll have to discuss with the board of the company.

Great, sir. Great numbers, sir, and all the best for the future. Thank you. Thank you.

Thank you. Reminder for all participants, please press star and 1 to ask a question. Participants who would like to ask a question may press star and 1. The next question is from the line of Manfred Arora from Arora Wealth Advisors, the follow-up question. Please go ahead.

Yeah, thank you for the follow. Sir, you highlighted the goal of reaching Colin Crow from D2C by FY29. Now, just to understand, so we have our own brands, which are D2C, and then we have licensed brands, which are B2B and D2C. Yeah, when we say B2C revenue, we're saying B2C from our own ranks and B2C from our own ranks. Are these the two that we're clubbing together to say?

Yeah, so currently, our direct-to-consumer revenues are forecast to be about 375 crores from our own brands and about 125 crores from the licensed brands. So, the base today is around 500 crores for the current year, and our expectation, because the licensing business has a direct-to-consumer as well as a B2B angle, So, our plan is that the direct-to-consumer revenue, which would be around 500 crores this year, for that number to be about, our goal is to get to 1,000 crores by 29.

Okay.

Going forward, you know, the customer segment that we are presenting is on the luxury and accessible side, and we want to grow primarily on the luxury side. Is that how we should see, or we are planning to target both the customer segments? And also, if you can, you know, talk a bit about the competitive dynamics of the space.

So, sorry, I didn't really follow your question. If you could just elaborate on the first part of your question.

Yeah, so going forward, will our focus be more on the luxury side of the customer segment, or, you know, will we present across both luxury and accessible, you know, daily life?

I think, you know, we're primarily in the fine jewelry space. You know, having said that, you know, we do sell a lot of silver jewelry as well. But, you know, primarily slugged with diamonds, lab diamonds, and gemstones. So I don't think that we're seeing sort of a shift in the customer segment because, you know, there we're really targeting as, you know, sort of an OEM manufacturer for retailers and brands. And, you know, we try to sort of create white space analysis for our customers and present something that fit their brand. For our own brands, we sort of have a three-tiered approach. The licensed brands have an average order value of around $400. For With Clarity, it's about $3,000. And for Jean-Lucé, it's $8,000. So the three brands that we have target very three different tiers of customer segments. And that's how we kind of... Have structured our licensed and own brand segment. On the customer brand segment, we operate through the value spectrum from $50 all the way to $3,000.

Thank you very much.

Thank you. The next question is from the line of Shweta. Please go ahead. Shweta, your line has been unmuted. Please go ahead. Ladies and gentlemen, the line for Shweta has dropped. So, that was the last question for today. I now hand the conference over to the management for closing remarks. Over to you.

Thank you, everyone, for participating in our conference call today. We thank you for joining us and your interest in Renaissance Global. Look forward to seeing you all on our next conference call. Thank you.

On behalf of Centrum Broking, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.