Neopolis Brands, the new venture founded by former Arvind Fashions MD & CEO Shailesh Chaturvedi, is in discussions to raise around Rs 100 crore in funding from stock market investor Ashish Kacholia and others, two people in the know said.
“Neopolis Brands is looking to build a portfolio of global fashion accessory brands, acting as a retail partner for them to enter the Indian market under long-term agreements,” one of the people aware of the plans said.
The company has already struck a partnership with Italian fashion company Kuvera to expand retail operations of its bags brand Carpisa in India, with plans to open 100 stores by 2045.
Storied career
Chaturvedi’s career in the fashion industry spans nearly three decades with leadership roles across companies such as Madura Coats and UCB besides Arvind.
Over a 15-year stint at Arvind Fashions, Chaturvedi led several of the company’s brands, including Tommy Hilfiger, Calvin Klein and Arrow. He was named MD & CEO of Arvind Fashions in 2021 and stepped down last September.
Chaturvedi did not respond to ET’s queries. Kacholia could not be immediately reached for a comment.
Several global brands operate in India under partnerships with domestic conglomerates such as Reliance Brands, Arvind Fashion and Tata group’s Trent, including Diesel, Clarks, Coach, Tommy Hilfiger, Calvin Klein, Zara and Marks & Spencer. Ecommerce marketplaces such as Nykaa have also been entering into partnerships lately for online distribution of some brands. In January, US-based sportswear major Nike tied up with Nykaa Fashion to run its ecommerce operations in India.
Rapid growth projected
According to a Deloitte report, India’s premium fashion segment is expected to grow from $12 billion in 2025 to $19 billion by 2027.
“India’s fashion consumption has evolved from being price driven and influenced by mass global trends to becoming a modern, independent market. India’s 60 million+ affluent households and a 35% urban population together are expanding consumers’ discretionary spending power. While part of this shift is driven by changing demographics and a growing urban culture, it also reflects a shift in mindset,” the report noted.
The report specifically pointed out that growing demand for gifts across various occasions is increasing the purchase of jewellery, watches and other accessories.
India’s accessories market is estimated to expand at a 12% compound annual growth rate (CAGR) between 2025 and 2030, to reach a size of $165 billion.
