07 May 2023, Mumbai
Aditya Birla Fashion and Retail Ltd (ABFRL), a leading fashion and apparel company, announced its plans to acquire TCNS Clothing, the owner of popular ethnic brands W, Aurelia, Wishful, Folksong, and Elleven.
The deal is valued at Rs. 1650 crore for a 51% stake, making it one of the largest deals in the Indian fashion industry.
ABFRL's decision to acquire TCNS aligns with its strategic objective of building a comprehensive fashion portfolio catering to different consumer segments and price points.
The acquisition is expected to boost ABFRL's ethnic wear portfolio to reach ₹5000 crore within the next three years. ABFRL highlighted the growing confidence among young Indians in their cultural identity and emphasized the potential for building leading consumer brands in the Indian ethnic wear space.
ABFRL has been actively expanding its ethnic wear portfolio over the past five years through strategic actions, including the acquisition of brands like Jaypore, Tasva, and Marigold Lane. The company has also formed strategic partnerships with renowned designers such as Shantanu & Nikhil, Tarun Tahiliani, Sabyasachi, and the House of Masaba.
ABFRL, a part of the Aditya Birla Group, is a prominent pure-play fashion company in India, with a revenue of Rs. 8,136 crore and a retail space spanning 9.2 million sq. ft. as of March 31, 2022.
It operates a vast network of 3,468 stores and has a strong presence in multi-brand outlets and department stores across the country.
