Last fortnight, Rare Rabbit posted a 70% jump in revenue to 700 Cr while almost doubling its net profit. 

Starry Eyed Designer

Brought up in Kalbadevi, a textile industry-focused district in Mumbai, Manish Poddar, as a child, was clear in his ambition.

He wanted to run a business like his father, a textile trader. School, a traditional rung in the ladder of life, was not for Manish Poddar.

In the fifth grade, while his peers carried schoolbags, he carried a VIP suitcase – because it made him feel like a ‘businessman’. An unabashed backbencher, he relied on chits to pass exams.

But his real interest lay in design.

Even as a child, Manish had an eye for design, colour, and fashion. He was an avid fan of Amitabh Bachchan and Mithun Chakraborty and would often try to emulate their fashion choices.

But fashionable clothing was not easily accessible in those days. So Manish took some fabric from his father’s trade, went to local tailors, and worked with them to stitch the clothes of his choice.

Once school was over, Manish chose to pursue commerce at the prestigious Jai Hind College in Mumbai. But destiny had other plans.

A business split between Manish’s father and his brother led to Manish joining his father’s business – Radhamani Textiles.

Working at textile mills from 16 to 17, Manish started designing color and mood boards and textiles. He soon began taking over the export segments of the business, focusing his efforts on Bangladesh and South Africa.

Manish spent the late ’80s and most of the ’90s learning the tips and tricks of the textile industry. The period would set him up for two big leaps of faith in the 2000s.  

The first big leap of faith was in 2004 when Radhamani Textiles decided to move up the value chain. At that point, Manish took a loan of INR ~ 37 crore, more than three times his net worth, to set up a garment manufacturing setup in Bangalore.

The second leap of faith occurred when Manish was visiting Europe, chanced upon a Zara store, and was impressed by the fashionable choices.

He cold-called Inditex, Zara’s parent company, and sent them his designs. For the next decade, Manish would design & supply garments to Zara.

Zara would be Manish’s foot in the door to expanding his business into Europe. Over the next few years, he would onboard multiple European clients, such as Jack & Jones, Miss Sixty, and Gazzarrini.

By age 37, Manish had designed garments for some of the best brands in Europe and had successfully grown his family’s business venture. 

But there was one more leap of faith he wanted to take. 

Reinvent The Dress Code

For Manish, a significant gap existed in India's clothing market.

Existing brands sold clothes only for Indian men. They did not sell fashion or style. For Manish, clothes and fashion were very distinct concepts.

Manish moved in to fill that gap.

In 2015, he launched the ‘House of Rare’, a fashion house with a single brand under it - Rare Rabbit. But why Rare Rabbit?

Manish had a rationale. The rabbit is a highly sexual mammal that had one of the fastest procreation rates in the world.

Manish wanted Indian men to embrace their sexuality by embracing fashion and style.

Rare Rabbit was positioned as an ‘accessible luxury’, offering premium apparel at an average price of INR 3,000. It followed a minimalist design philosophy.

For example, garments were manufactured without logos printed on the chest. Instead, the brand name was written on the lower end of the shirt, influenced by Manish’s experience designing fashion for Italian clients.

Likewise, its denim jeans had two rabbits printed on their pockets – but on the inside.

Rare Rabbit launched its first flagship store in Bangalore. Within two years, they had expanded their presence across Chennai, Bhopal, and Amritsar. Following an omnichannel strategy, they also opened a website,

Rare Rabbit’s stores did not just sell apparel.

In line with Manish’s ethos of selling style, they curated a wide variety of products from across the globe, such as eyewear from Garrett Leight, California, ceramic bow ties from Cor Sine Doli, Italy, and art pieces and sculptures from Lumas, priced between INR 45,000 and 1 lakh.

Manish also focused on the store's consumer experience—from fragrances to music, everything was carefully curated. The store design was outsourced to New York, and the fragrance was conceptualised in Spain.

Products were given quirky names. For example, shirts were called Glass Break, Drive, Force and Roso, after their design patterns. By 2017, Rare Rabbit had proved that its model was working. 

They were gearing up for its next phase of growth. 

Fashion Retail’s Fast Explosion

By 2016-17, Indian retail saw quick consumer preference shifts. 

Increasing disposable income, the emergence of a tech-savvy millennial population, and brand awareness contributed to the growth of organised retail in the country. 

Combined with growing e-commerce, digital penetration, and Western-style influence, these factors ensured sustained retail growth, at about 9.7% CAGR, to hit $115 billion by 2026. Out of the USD 641 billion retail bucket, fashion retail, the second largest bucket after food and grocery, was approximately USD 46 billion. Fashion retail was also projected to grow at a similar rate. 

Fashion retail was turning out to be a highly lucrative segment. 

A large young, fashion-conscious population influenced by social media gravitated towards branded fashion apparel. The increasing penetration of organized retail enabled them to make choices like never before. 

Surprisingly, men's wear comprised 41% of the apparel market, with 38% and 21% coming from women's and children's wear, respectively. Formal wear, which traditionally dominated men’s apparel, gradually shifted towards more relaxed styles like smart casuals, athleisure, and semi-formal wear. 

The acceptance of smart casuals in offices boosted the growth of Western wear among working professionals. This category went beyond shirts and trousers to denim, jackets, coloured and patterned shirts, and footwear like loafers. The startup culture of smart casual dressing permeated beyond other sectors. 

Women’s fashion, too, was changing rapidly, expected to hit USD 44 billion by 2026. 

With an increase in working women, there was rising demand for Western, fusion (Indo-western), and occasion-specific ethnic wear. Generic inclination towards Western wear was expected to drive higher-than-average demand for categories such as tops and t-shirts. 

With India being among the youngest countries and 29 percent of the population below 14, kids' wear was a fast-growing segment. With foreign brands entering the country and growing options around kids' fashion, this segment was poised to capture a bigger slice of the pie going forward.

The new wave of consumers prioritised style, comfort, and sophistication while dressing up and looking to get noticed and talked about on social media. With increasing globalisation, they were drawn to Western influences and minimalist designs. 

Rare Rabbit sought to address the shifts in men’s apparel preferences by leveraging its unique aesthetic—a blend of European styles tailored to Indian tastes. It targeted young urban men looking for branded, premium, stylish clothing that resonated with global fashion trends visible in the media.  

It was soon going to be onto something big. 

Proudly Made in Bharat for the World

Rare Rabbit capitalized on the growing trend of smart casuals and athleisure following market movements. 

It produced slim-fit chinos, patterned shirts, and textured blazers, allowing customers to put together a premium but relaxed look. 

They focus on superior fabric, modern cuts, and luxury-inspired designs to differentiate themselves from fast-fashion competitors. The athleisure wear was also crafted from premium materials that offered comfort without sacrificing the premium appearance. 

This allows the brand to command prices 30-40% higher than mainstream menswear brands in India. Between 2017 and 2019, average order values (AOVs) ranged between INR 4,000 and 5,000, enabling high revenue per unit and helping to offset the manufacturing and material costs. 

Moreover, a direct-to-consumer model allowed it to capture higher value. By selling directly to customers through their stores and online platforms, they avoided retail markups charged by third-party retailers. 

Their stores, typically between 1000 and 1500 sq. feet, were located in high-end shopping centers, catering to young, affluent men who could afford premium apparel. To control real estate costs, they optimized store size to display curated collections. They are estimated to achieve an INR 8 - 10 million yearly revenue from high footfall areas. 

Additionally, the brand focused on e-commerce as a key revenue driver. 

Between 2017 and 2019, online sales grew 40% annually, accounting for approximately 30% of the total revenue by 2019. By expanding its reach nationwide, e-commerce allowed the brand to capture 55-60% of the sales margin by eliminating intermediary fees and store costs. 

On the cost side, Rare Rabbit operated a vertically integrated supply chain, leveraging manufacturing facilities from the House of Rare’s family-owned business structure. 

By manufacturing 70% of the garments in-house, they reduced reliance on external vendors and outsourcing costs. 

In addition to greater quality control, this strategy helped to lower manufacturing costs by 15-20% compared to brands that outsource production. Even at the factor level, they employed lean production techniques to ensure efficient resource utilisation and reduce costs without compromising quality. 

By implementing a strict inventory management system, Rare Rabbit was able to reduce unsold inventory and hold costs and improve cash flows by approximately 10-15%. They used technology to analyse customer demand patterns and seasonal trends to minimise overstocking and reduce the need for markdowns. 

Owning the supply chain with a focus on lean operations allowed it to stay nimble to changing trends while ensuring a higher turnaround of SKUs to increase inventory turns and reduce stockouts. It also de-risked the supply chain with a higher control of quality.

Their strategy of combining brick-and-mortar expansions with a growing digital presence helped Rare Rabbit solidify its position as a premium brand in India’s menswear landscape, setting the stage for further growth.

Rare & Together

Rare Rabbit rapidly evolved from a niche fashion label into a well-known lifestyle brand. 

It strategically combines physical retail, digital expansion, and product diversification to capture the attention of India's style-conscious consumers.

A key element of Rare Rabbit’s transformation into a lifestyle brand began to be its diversification into new product categories.

Each new category was carefully curated to align with the brand’s aesthetic, allowing Rare Rabbit to appeal to consumers looking to create a holistic lifestyle experience.

Launched with standalone stores in prominent metropolitan cities, Rare Rabbit aimed to establish itself in India’s competitive fashion market by focusing on high-quality, trendy clothing that resonated with modern aesthetics.

Rare Rabbit’s chic, European-inspired designs quickly captivated fashion-savvy customers, helping this high-end men’s brand carve out a devoted fan base. 

Riding this wave of popularity, Rare Rabbit expanded with Rareism, a stylish premium women’s line, in 2019 and set up an online store to reach even more fans.

The launch of the Shopify store in 2019 was a strategic move for the business. The platform’s seamless setup and scalability empowered the brand to grow faster and reach more customers, setting the stage for their next level of success.

The brand faced the challenge of having a return-to-origin ratio of 30%, where the products were returned without reaching the customer. The brand overcame this hurdle with innovative integrations that verified customer profiles and flagged fake addresses and profiles.

It wasn’t like a walk in the park for Rare. The apparel market was a bloodbath of competition. 

Established formal wear leaders like Raymond and Aditya Birla’s Louis Philippe, Van Heusen, and Allen Solly dominate with premium fabrics and quality tailoring. These brands cater to professionals who seek a blend of sophistication and style. These brands hold strong in urban markets where formal and business-casual wear is essential.

In the booming casual segment, brands like Peter England and Mufti thrive by offering trendy, affordable options that appeal to younger men, especially in tier-II and tier-III cities. Peter England, in particular, balances affordability with style, while Mufti channels a more urban, individualistic vibe.

Ethnic wear was led by Manyavar, which has established itself as a favourite for weddings and festivals with its elegant sherwanis and kurtas. Ethnix by Raymond and JadeBlue also capture this festive market, combining traditional aesthetics with contemporary appeal.

The arrival of global giants like Zara, H&M, and Uniqlo introduced fast fashion to Indian men, attracting style-conscious urban shoppers with affordable, international trends. 

For Rare, even selling a few clothes was a big deal. To scale, a startup needs a secret sauce and a unique structure. 

Rare Rabbit’s unique structure would serve it well as the pandemic hit. 

Standing Out

Rare Rabbit's multi-channel, full-stack strategy became a major asset during the pandemic.

As the world hunkered down in 2020, Rare Rabbit was able to adapt swiftly to changing market conditions and consumer behaviours. With in-house control over design, manufacturing, and distribution, Rare Rabbit could pivot quickly as demand shifted. 

This full-stack approach provided agility in product management, allowing it to adjust styles and inventory to match new consumer preferences, such as casual and versatile attire, which became popular as people spent more time at home.

The brand’s multi-channel focus also proved crucial.

While many brands struggled with disrupted foot traffic, Rare Rabbit leveraged its strong e-commerce presence to maintain revenue. E-commerce quickly became a primary channel, allowing Rare Rabbit to reach customers in lockdown and respond to the online shopping boom, which saw growth of around 25% in India during 2020. This pivot offset losses from closed stores and positioned the brand to attract and retain digital-first customers post-pandemic.

As India entered 2021 and the world opened slightly, Rare Rabbit focused on expanding its offline presence in tier-II and tier-III cities, strategically opening stores as restrictions eased. 

These locations offered less competition and a growing demand for premium, stylish menswear, helping offset revenue declines in larger metro areas. Rare Rabbit’s cohesive store experience—including music and signature scents—created a memorable, unified brand environment across channels, reinforcing brand loyalty when customers returned to physical stores.

As the world went home, Rare Rabbit began social media to build an engaged community, especially on Instagram, where storytelling, live sessions, and influencer collaborations enhanced customer interaction and connection. 

This engagement drove digital traffic and strengthened customer loyalty, helping the brand stay relevant through changing market conditions.

As Rare entered 2022, the resilience would set the foundation for the explosion that was about to come. 

Vigorously Nibbling Carrots

The premium fashion market rebounded strongly as the world began recovering from the COVID-19 pandemic, and revenge spending kicked in.

A K-shaped economic recovery, characterised by uneven recoveries across sectors, drove affluent Indians to refresh their wardrobes. 

This resurgence in demand was evident in the men’s fashion segment, where premiumisation became a significant growth driver starting post-2023

Amidst the crowded premium fashion landscape, Rare Rabbit stood out as a homegrown label with a distinctive approach. 

While it drew design inspiration from the West, the brand brought the best global fashion trends to India’s upwardly mobile shoppers. 

Rare Rabbit’s vast merchandise range, from formal wear to casual shirts, denim, shoes, and jackets, catered to various preferences. 

Add to this its vertically integrated value chain, which allowed it to design, manufacture, and retail its products in-house, as well as thoroughbred operators in the Poddar family, and you had a compelling proposition - not only for customers but also for investors.

In late 2023, Tata Capital became one of the first major investors to take an interest in Rare Rabbit. Valuing the brand at $300 million, Tata issued a term sheet offering $40 million for a 13% stake. 

Although the deal ultimately did not materialise, it marked a turning point for the niche, family-owned label. Investor interest soared, placing Rare Rabbit at the centre of a rapidly growing segment in India’s fashion market.

The brand’s robust online presence and expanding physical store network helped it maintain traction among its upwardly mobile customer base. 

Rare Rabbit expanded aggressively throughout the year, particularly with its offline stores. The brand grew to 180+ stores across India, with a presence not only in metro cities like Delhi, Mumbai, Bengaluru, Hyderabad, and Chennai but also in tier-II and tier-III cities such as Ahmedabad, Bhopal, Dehradun, Ranchi, and Guwahati.

In addition to its physical outlets, Rare Rabbit operated digitally through its e-commerce platform, The House of Rare, and sold through online marketplaces like Myntra, Flipkart, Ajio, Nykaa, and Tata CLiQ.

The impressive growth during a macroeconomic consumption slowdown did not go unnoticed. In June 2024, Rare Rabbit raised $18M  at a valuation of ~$300M

The new-gen brand now had new-gen money

The House of Rare

Rare Rabbit went from strength to strength.

In line with its original strategy, the brand continuously expanded its offerings. Initially focused on apparel, Rare Rabbit extended its reach with products beyond clothing, reflecting a more holistic approach to fashion and lifestyle.

It rolled out a new line called Rare Ones, designed for children. This move marks Rare Rabbit’s foray into kids' wear, further diversifying its product range.

Alongside this, the brand recently launched Rare’z, a streetwear collection, throwing its hat into India’s fledgling sneaker market. The market is headlined by new-age insurgents such as Comet, Neeman’s, and Lucid.

Despite its commitment to its Indian roots, Rare Rabbit brings a global perspective to its patrons. 

Most of its products are designed and developed across Europe, with fabrics sourced from high-end suppliers in Italy and other European countries. The founder’s prior network and deep relationships built while working with luxury brands in the past help strongly. 

The years of building the family business were shown in the Rare ingredients. 

Notably, the brand offers unique, innovative items such as paper-made luggage sourced from Tuscany that mimics the feel of leather. It also features concept eyewear from Japan and Singapore, some created for Hollywood projects. 

Even the design of its stores, conceptualised in New York, reflects this global outlook. Rare Rabbit’s attention to detail is another key aspect of its brand identity. 

The experience inside its stores is carefully curated, from the music playlists selected to create the perfect ambience to the fragrances specially developed in Spain to enhance the shopping experience. 

Every element is thoughtfully designed to align with the brand’s ethos of sophistication and quality.

This strategy has paid off significantly. In FY23, Rare Rabbit achieved remarkable growth, with operating revenue jumping by 77% year-on-year to INR 376 Cr and clocking a net profit of INR 32 Cr. 

The growth continued in FY24 when the brand reported revenue of INR 637 crore, a 69% increase over the previous year.

As it continues to excel, what is next?

Classic Aesthetics Modern Sensibility

Rare Rabbit owes much of its success to the rise of the metrosexual man in India.

This new-age man is unafraid to experiment with his fashion choices. He embraces bold prints, textures, and unique designs, driven to stand out in a crowd. 

Corporate dressing in India has also evolved, with floral-clad men becoming more common, reflecting a shift in the traditional work wardrobe. 

What once were plain, solid shirts have transformed into tactile textures, while checks have been reinvented with vibrant colours, and micro-floral prints have become more prominent and daring.

More than just a keen trendspotter, Manish Poddar has spent over a decade honing his instincts. 

He almost unknowingly followed startup guru Paul Graham's philosophy of "doing things that don’t scale," embracing a hands-on approach that helped shape Rare Rabbit's unique identity. 

His commitment to this approach ensured the brand wasn’t just another fast-fashion label but a thoughtful, trend-setting force in Indian menswear.

Reading the evolving trend correctly years in advance has helped RR build a loyal consumer base with word of mouth and social media influence, leading to strong network effects.

Today, Rare Rabbit is poised to expand further, with its eyes set on India's tier-II and tier-III cities such as Mysuru and dedicated stores for kids’ wear. These regions present a significant growth opportunity with their growing disposable incomes and appetite for premium fashion. 

The House of Rare today has a presence across 141 exclusive brand outlets and 385 MBO counters across brands.

However, the brand’s ambitions go beyond national borders. Rare Rabbit is ready to tap into international markets, using Manish's extensive global networks to introduce Indian fashion to the world.

On the digital front, The House of Rare introduced a unified platform integrating Rare Rabbit, Rareism, Rare Ones, and Rare’Z. This integration is designed to create cross-selling opportunities and capture a larger share of customers’ spending.

The brand plans to diversify its product categories and use data analytics for personalised marketing. In response to the rising importance of sustainability, Rare Rabbit is considering introducing eco-friendly fashion lines as part of its long-term strategy.

True to its name, Rare Rabbit continues to proliferate like rabbits but remains distinct in an ever-evolving fashion landscape. 

The brand has mastered balancing rapid growth with an exclusive appeal. As it expands, Rare Rabbit is not just selling clothes but redefining contemporary fashion. As tastes change, it is also easy to be wiped out in the apparel industry.

How do you build an INR 3,000 Cr clothing business in nine years?

A family background in apparel & garments. A strong bias to action. A complete lack of ego. A powerful tendency to embrace your quirks - against conventional norms.

Due to the insanely competitive nature of apparel, the number of new brands that have scaled in the last decade is staggering. However, the industry is still dominated by players who have been around for decades. 

Rare is the rare startup that could build an apparel unicorn. It is also rare to be able to manufacture and be a brand. 

By blending classic aesthetics with modern sensibilities, Rare Rabbit has the mettle to become a deeply loved global fashion brand from India.

Writing: Keshav, Jayanth, Nikhil, Raghav, Ritika, Shreyas and Aviral Design: Omkar and Midjourney