https://x.com/Jatin_Khemani/status/1936044881517883898?s=08 Relaxo was one of my early winners, having entered at under Rs 750 Cr market cap. The current market cap is Rs 10,000 Cr whereas the recent peak was Rs 36,000 Cr. While the market continues to be super generous with valuation multiples assigned to footwear companies, I think the landscape is changing. It's fairly evident that incumbents have had a huge pressure on their volumes in the last five years. Most managements blame the slowdown in the category, whereas the reality is that new entrants (even from seemingly different categories) have snatched away market share. Look at the growth in Trent's footwear sales led by Zudio's success. (refer Annexure 1) Despite 50-70% correction in these stocks, the current valuation for entire footwear pack continues to be abnormally high for the growth profile & RoCE they offer. (refer Annexure 2) Caution is advised in treating such stocks as 'fallen angels'. Always keep in mind that, as minority investors, we control only one variable - the entry valuation. Only that can truly build a margin of safety for us.