Women’s clothing is an $18-billion opportunity in India. Yet, there are less than half a dozen properly organised womenswear retailers. Trent, a Tata Group company, being the only listed organised player (unlisted players include Fabindia and Biba) in this segment, is not a retail stock. You will not find it in the portfolios of investment legends despite the fact that Trent contains two highly profitable businesses: the women’s clothing retailer Westside, which accounts for almost 80% of the company’s profits and its joint venture (JV) with Spanish retailer Zara, which makes up for the balance 20%.