Kotak initiates coverage on this Tata stock. Should you buy?

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Trent is a leading fashion retailer selling 100% in-house brands across the apparel, innerwear, accessories, and footwear categories. The company is best known for its flagship Westside format (59.5% of FY2023E standalone revenue) but has rapidly scaled up the Zudio format as well (39.9% of FY2023E revenue).

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