Firstcry has spent much of the past year talking about “rationalising brands”. And its investors have spent the same period…rationalising Firstcry.

Since its listing in August 2024, shares of Brainbees Solutions, the baby-products retailer’s parent firm, have fallen nearly 70%. Contrast that with the midcap and smallcap indices that have largely remained flat during the period. The company’s market capitalisation has also more than halved to roughly Rs 11,300 crore ($1.2 billion).

While Firstcry emphasises “rationalising”—with senior leaders mentioning it at least seven times in its March........

© The Ken