Rare Rabbit hits Rs 637 crore revenue, doubles profit in FY24
26 October 2024, Mumbai
Bengaluru-based Radhamani Textiles, the parent company of Rare Rabbit, achieved Rs 637 crore in revenue for FY24, marking a 69 per cent year-on-year growth. Net profit soared to Rs 75 crore, over double its previous Rs 32 crore in FY23, according to company filings accessed through Tofler. This expansion occurred amid broader consumption slowdowns affecting the fashion industry.
Rare Rabbit, Radhamani's flagship brand, raised Rs 500 crore in institutional funding earlier this year from investors including A91 Partners and Zerodha’s co-founder Nikhil Kamath, reaching a valuation of around Rs 2,600 crore. Founded in 2015 by Manish and Akshika Poddar, Radhamani initially focused on exports, supplying brands like Inditex, before pivoting to launch its own labels, including women’s brand Rareism and casual wear brand Articale.
In FY24, Rare Rabbit accelerated its retail presence with over 150 stores across India, including in tier-II and tier-III cities like Ranchi and Guwahati. Most revenue came from offline channels, supported by a 46 per cent increase in advertising spend, totaling Rs 92 crore. Ebitda reached Rs 117 crore, up significantly from Rs 51 crore the previous year.
Rare Rabbit competes with brands like Aditya Birla Fashion & Retail’s Louis Philippe and Tommy Hilfiger, managed by Arvind Ltd, alongside digital-native brands like Bombay Shirt Company.
