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Brand Concepts faced Q1 FY26 losses due to sales dip & margin pressure. Luggage sales were down (₹22.29 Cr), but other categories like small leather goods (+24%) and backpacks (+50%) saw strong growth. Management termed current market pricing the "new normal," adjusting strategy. Sales rebounded from June, continuing in July. New hard luggage manufacturing is now operational, expected to negate margin pressures. Company signed luxury brand Off-White and launched Juicy Couture, expanding retail footprint with new, larger stores, targeting 60-65 by year-end. Tommy Hilfiger license renewal for 10+ years is underway. Management expresses strong confidence in a return to growth from Q2.