RattanIndia Enterprises on Tuesday launched a wholly-owned subsidiary Neobrands, marking its entry into the fast-growing apparel fashion business.
Neobrands will be a house of brands across multiple fashion categories, including everyday fashion, denim, athleisure and performance wear categories, a statement from RattanIndia Enterprises said.
In the first phase, all these brands will be digital native brands to be sold direct-to-consumer through e-commerce platforms.
RattanIndia Enterprises Business Chairperson Anjali Rattan said the company was working closely over the past year to launch its own direct-to-consumer fashion brands across multiple categories.
"The fashion industry in India is witnessing a remarkable growth trajectory, with a huge demand for trendy and premium quality brands. Our brands across multiple categories are poised to capture this market opportunity by offering fashionable, yet affordable clothing options for men and women," she said.
The fashion e-commerce market size is currently estimated to be Rs 80,000 crore and growing at a healthy rate of 30% per annum, RattanIndia said.
"The fashion e-commerce market is expected to grow to Rs 2,50,000 crore per annum over the next five years. This growth is being led by a smartphone-enabled digital native young population," Anjali Rattan said.
RattanIndia Enterprises' businesses include electric mobility (Revolt Motors), e-commerce (Cocoblu Retail), fashion brands (Neobrands), fintech (Wefin) and drones (Neosky).
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