TIGC claims to have a leadership position in the casual wear market, with a strong presence in the men’s wear segment. It recently entered women’s wear category
TMRW said the investment will help it exploit growth avenues across D2C, offline, and other channels and deepen expansion into sub-brands and categories
TMRW counts names such as Bewakoof, Berrylush, Juneberry, Natilene, Nauti Nati, Nobero, Urbano, and Veirdo in its portfolio
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The Aditya Birla Group’s house of brands business TMRW has invested INR 155 Cr (about $18.6 Mn) in D2C brand The Indian Garage Co (TIGC).
In a statement, TMRW said the investment will help it exploit growth avenues across D2C, offline, and other channels and deepen expansion into sub-brands and categories. However, it didn’t disclose the stake acquired by TMRW in the brand.
Founded in 2012 by Anant Tanted, TIGC claims to have a leadership position in the casual wear market, with a strong presence in the men’s wear segment. Recently, it also expanded into women’s wear and plus size segments with FreeHand and HardSoda brands, respectively.
TIGC claimed to have generated a revenue of INR 300 Cr in FY23 with a healthy profit margin. “With TMRW’s investment and capabilities, TIGC has a path to become the leading brand in men & women casual wear with a path to INR 1,500 Cr in the next 5 years and a strong focus on Tier-II/III city-led growth,” the statement said.
Commenting on the latest addition in its portfolio, Prashanth Aluru, CEO and cofounder of TMRW, said, “With a deep consumer understanding & product strength, TIGC has demonstrated a compelling product-market fit, stellar scalability and strong consumer love reflected in their Top 1 to 5 ranking across e-commerce platforms. With the deep category & brand building experience as well as tech-led scaling path which TMRW brings, we are confident in establishing TIGC as the leading casual wear brand…”
The rise in internet penetration and improving access to smartphones in the country have given a boost to online shopping, which has spawned a number of D2C brands. Bewakoof, DaMENSCH, FableStreet, The Souled Store are among the popular D2C brands in the country.
Recently, TMRW invested INR 200 Cr in Bewakoof, which is one of the eight digital-first lifestyle brands in which the company decided to invest.
The Aditya Birla Group ventured into the realm of house of brands with TMRW in June 2022, with plans to build a portfolio of fashion and lifestyle brands by acquiring and incubating over 30 brands in the next three years. Its current portfolio includes names such as Berrylush, Juneberry, Natilene, Nauti Nati, Nobero, Urbano, and Veirdo.
According to Inc42 data, the Indian ecommerce market is expected to clock a CAGR of 19% between 2022 to 2030 to reach a size of $400 Bn by 2030. Of this, the fashion and apparel market is expected to grow at the fastest rate at 24% and reach a size of $112 Bn by 2030.
Consequently, startups as well as corporates are trying to make the most of this opportunity. Recently, Reliance Retail acquired a majority stake in actor Alia Bhatt’s children’s wear brand Ed-a-Mamma, while AJIO entered into a partnership with H&M.
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