Rare Rabbit, the premium menswear brand under The House of Rare, has been making big moves, clocking an impressive 69% revenue growth in FY24. The Bengaluru-based brand saw its revenue jump from ₹376 crore in FY23 to ₹637 crore in FY24, while net profit soared 2.3 times to ₹75 crore.
Founded in 2015, Rare Rabbit has built its reputation on high-quality, fashion-forward menswear—offering everything from shirts and polos to jackets and trousers. Unlike many brands that rely on constant discounts to push sales, Rare Rabbit has taken a different route, maintaining its premium positioning while still scaling aggressively.
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Its financial filings reveal that the company earned ₹5 crore from interest income, bringing its total income to ₹642 crore for FY24. But with growth comes higher costs—material expenses surged 53% to ₹208.4 crore, while employee costs nearly doubled to ₹78 crore. The brand also ramped up its marketing spend by 45% to ₹93 crore, while rent and commission costs jumped by 62% and 58%, respectively. In total, expenses rose 59.9% to ₹542 crore in FY24, but revenue growth outpaced costs, leading to improved profitability.
The brand’s EBITDA margin expanded from 14.7% to 19%, and its return on capital employed (ROCE) rose sharply to 52.15%. On a unit level, Rare Rabbit spent ₹0.85 to earn every rupee in FY24, showing strong operational efficiency.
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Despite its rapid growth, Rare Rabbit has remained relatively under the radar, quietly cementing its place in the premium fashion segment. It has so far raised around $24 million, including a recent ₹50 crore round from lead investor A91 Partners.
What’s next for The House of Rare? While its menswear brand is leading the charge, it has also launched a women’s line, Rare Is, and is planning a children’s range, Rare Ones. If its trajectory continues, Rare Rabbit could cross the ₹1,000 crore revenue milestone by FY25—possibly putting it on the path to unicorn status. The bigger question is: will it stay independent, or will a major acquisition be on the horizon? Either way, Rare Rabbit is proving that staying “rare” might just be the best business strategy.
