India’s leading fashion & apparel company, today announced that it has entered into definitive agreements to acquire TCNS Clothing, the owner of leading ethnic brands W, Aurelia, Wishful, Folksong and Elleven. The value of the promoter stake and open offer consideration for TCNS is ~ Rs. 1650 Cr. for 51% stake, making this one of the largest deals in the Indian fashion space.
Padma Bhushan Shri. Kumar Mangalam Birla, Chairman, Aditya Birla Group, said, “This deal is yet another marker of the Aditya Birla Group’s faith in the dynamism and buoyancy of the Indian consumer economy. As India stands on the cusp of a multi-decadal consumption boom, ABFRL is a forerunner in shaping the fashion landscape of our vibrant nation. For ABFRL, the TCNS deal is indeed a significant milestone as it complements our existing portfolio of exceptional brands across the entire spectrum of Indian fashion. By embracing TCNS’s portfolio of loved women’s ethnic brands, we are reinforcing our commitment to ethnic wear, the largest category in the apparel industry. With this acquisition, the fast-growing ABFRL platform is poised for the next phase of transformational growth.”
Mr. Ashish Dikshit, Managing Director, ABFRL, said, “As young Indians identify a new-found confidence in their identities woven around Indian culture and heritage, the next set of leading consumer brands will be built in the Indian ethnic wear space. TCNS, through its brands W, Aurelia, Wishful, Folksong & Elleven, is catering to the Indian women’s fashion needs across markets and price points. Each of these brands have been built over a long period of time and enjoy tremendous consumer love. This transaction is a pivotal piece of our strategy of building India’s most comprehensive ethnic wear portfolio.”
Anant Daga, Managing Director of TCNS added, “TCNS has been a pioneer in branded women’s ethnic wear market in the country. Over the last 20 years, we have built India’s most successful women’s franchise on the back of our leading brands. The market continues to offer long-term growth opportunities and our partnership with ABFRL will help us fully realize this potential. ABFRL’s proven brand- building capability, distribution strength and strong ecosystem of partners will help our brands into its next phase of growth and profitability.”
TCNS’ retail network includes 650+ exclusive brand outlets, 2300+ large format outlets (LFOs) and 1100+ multi-brand outlets (MBOs), located in 29 states and two union territories in India. It also sells its products through EBOs in Nepal, Mauritius and Sri Lanka and ships products to select countries through the brand websites and online retailers.
With revenue of Rs. 8,136 Cr. spanning retail space of 9.2 million sq. ft. (as on March 31, 2022), ABFRL is India’s first billion-dollar pure- play fashion powerhouse with an elegant bouquet of leading fashion brands and retail formats. The Company has a network of 3,468 stores across approximately 28,585 multi-brand outlets with 6,515 point of sales in department stores across India (as on 31st March 2022).
It has a repertoire of India’s largest brands in Louis Philippe, Van Heusen, Allen Solly and Peter England, established over 25 years.
Pantaloons is one of India’s leading fashion retailers. The company’s international Brands portfolio includes – The Collective, India’s largest multi-brand retailer of international brands and has long term exclusive partnerships with select brands such as Ralph Lauren, Hackett London, Ted Baker, Fred Perry, Forever 21, American Eagle and Reebok.
The Company’s foray into branded ethnic wear business includes brands such as Jaypore, Tasva & Marigold Lane. The company has strategic partnerships with Designers ‘Shantanu & Nikhil’, ‘Tarun Tahiliani’, ‘Sabyasachi’ and ‘House of Masaba’.