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Agenda-setting intelligence, analysis and advice for the global fashion community.

Fashion’s Race to the Indian Stock Market

From high-growth garment exporters to billion-dollar jewellers, Indian companies are gearing up for IPOs even as global economic uncertainty and market volatility threaten to delay some listings.
RSB Retail India, whose portfolio includes menswear brand De Royal, filed for an IPO in late 2025.
Menswear brand De Royal's parent company RSB Retail India filed for an IPO in late 2025. (De Royal)

At Dalal Street, India’s financial hub and home to the historic Bombay Stock Exchange, investors are coming face-to-face with the fashion industry’s quirks as a wave of companies enters the IPO market.

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Further Reading

How Reliance Retail Rules the Indian Fashion Market

Although it is just one arm of the Ambani family’s $225 billion oil-to-telecoms empire, Reliance has become India’s largest retailer by offering everything from low-cost essentials to luxury goods from Armani to Zegna across multiple formats.

Meesho: India’s Bargain Fashion Behemoth

The country’s third-largest e-commerce player is set to go public this year after bringing order to the unorganised retail sector and connecting micro fashion enterprises to small-town shoppers nationwide.

About the author
Arnika Thakur

Arnika Thakur is a contributing writer at The Business of Fashion. Based in New Delhi, India, she is an independent journalist and writer who covers a range of topics including luxury, fashion, beauty, finance and hospitality.

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