Rattanindia Enterprises gains 7% on launch of fashion business

The apparel business has been launched by RattanIndia Enterprises’ wholly-owned subsidiary Neobrands Limited, which seeks to become a hub for several brands in the fashion industry, the company has said

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Shares of Rattanindia Enterprises Ltd jumped more than 7 percent in the morning trade on April 19 after the company said its launched a direct-to-consumer (D2C) fashion brand.

The brand has been launched by RattanIndia Enterprises Ltd’s wholly-owned subsidiary Neobrands Limited.

At 10.21am, the stock was trading at Rs 40.44 on BSE, up 4.74 percent from its previous close, after hitting a high of Rs 41.42.

The new venture will encompass a range of fashion categories such as everyday wear, denim, athleisure, and performance wear, it said.

The goal would be to cater to the rapidly expanding fashion and apparel market in India, targeting young consumers by offering them fashionable, high-quality clothing at reasonable prices, the company said.

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Neobrands Limited seeks to become a hub for several brands in the fashion industry, the company said in a notice to exchanges.

The fashion industry in India was witnessing a remarkable growth trajectory, with a huge demand for trendy and premium quality brands, it said.

“Our brands across multiple categories, are poised to capture this market opportunity by offering fashionable, yet affordable clothing options for men and women,” said  Anjali Nashier Rattan, Business Chairperson RattanIndia Enterprises.

During the initial phase, Neobrands Limited will introduce its labels exclusively through digital platforms, catering directly to consumers.

Later, it will leverage a digital-first approach to expand retail presence of its brands across the nation. This will enable Neobrands to scale up its business while retaining its digital focus, Rattan said.

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