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                                           GLOBAL COMPARISON
  FY09 / CY08                       Unit      Raymond* Arvind Ltd.*       VF Corp.      GAP Inc.   Ann Taylor Stores
  Total revenue                     US$ m            533            489         7,642    14,526                  2,195
  EBIDTA                            US$ m             48             65          939      1,548                  (371)
  EBIDTA margin                     %                8.9          13.2           11.1       10.9                  (4.5)
  Net profit margin                 %               (3.5)         (1.6)           7.2        6.7                (21.5)
  No. of employees                               19,000          4,000      46,600      134,000                  4,200
  Manufacturing cost / Sales        %               49.0          38.9           56.2       64.7                  46.8
  Debt / Equity                     x                0.9            1.5             -          -                      -
  ROA                               %                0.3            0.8           7.5       12.4                  (4.6)
  ROE                               %               (3.9)         (3.0)          14.3       20.8                (67.9)
  Cash per share                    US$              2.8            0.1           3.5        3.1                   3.6
  Price to earnings (TTM)           x                 NA            NA           15.2       16.2                    NA
* Year ended March 2009. For others, figures are for year ended December 2008

                                               VF CORPORATION (US)

VF Corporation (known as VF Corp.) is a US$ 7 bn plus apparel manufacturer, with one of the most diverse,
international portfolio of brands and products. Together with its subsidiaries, the company engages in the design,
manufacture, and marketing of branded apparel and related products in the US and internationally. VF Corp. offers
its product lines under various brands, including Wrangler, Lee, JanSport, Kipling, Harley-Davidson and Nautica
amongst others. It sells its products through specialty stores, department stores, national chains, mass merchants,
as well as through licensees, distributors, and company-operated retail stores. The company had earlier licensed
several of its brands to Arvind Ltd. (India). VF Corp. has stated a new long-term revenue growth target of 8% to 10%
per annum fueled by both organic growth and acquisitions, while maintaining its operating margin at 15%. It is also
targeting profit growth of 10% to 11% per annum and dividend payout of 40%. VF Corp expects international revenues
will comprise a third of its total revenues by 2012, while its direct-to-consumer business is expected to account for
22% of total revenues in the same period. It aims to touch US$ 11 bn in revenues by the year 2012. As of December
2008, the company operated 698 stores globally.

                                                    GAP INC. (US)

Founded in 1969, Gap Inc. operates as a specialty retailing company primarily in the US. It operates retail and outlet
stores that sell casual apparel, accessories, and personal care products for men, women, and children under the
Gap, Old Navy, Banana Republic, and Forth & Towne brands. The company is headquartered in San Francisco,
California and provides a range of products, including denim, khakis, and T-shirts, fashion apparel, shoes,
accessories, intimate apparel, and personal care products. The company also offers products through,, and web sites in the US. In 1992, Gap became the second-largest selling apparel
brand in the world. At the end of March 2008, the company operated approximately 3,149 stores in the United States,
Canada, the United Kingdom, France, and Japan. GAP has 1,34,000 employees all over the world and had 39.6 m
square feet of retailing space at the end of December 2008.

                                             ANN TAYLOR STORES (US)

AnnTaylor Stores Corporation, through its subsidiaries, operates as a specialty retailer of women's apparel, shoes,
and accessories in the US. Its stores offer career and casual wears, dresses, tops, weekend wear, shoes, and
accessories. The company also sells its products through the Internet at and
At the end of December 2008, AnnTaylor operated 935 retail stores in 46 states, the district of Columbia and Puerto
Rico under the names of 'Ann Taylor', 'Ann Taylor Loft', and 'Ann Taylor Factory'. The company was founded in 1986,
is headquartered in New York City and has 4,200 employees all over the world. The company's performance was
affected by the economic turmoil in CY08 and it incurred losses at the operating level.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance                         TTM - Trailing twelve months

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