Aditya Birla Group’s TMRW Invests Rs 155 Crore In TIGC Fashion Brand
TMRW House of Brands, a venture of the Aditya Birla Group, has expanded its brand portfolio by investing Rs 155 crore in a partnership with the fashion brand The Indian Garage Co. (TIGC), the company announced in a press release on Thursday.
Prashanth Aluru, co-founder of TMRW, expressed excitement about this partnership, stating, “We are excited to announce our partnership with TIGC, which expands our portfolio in the casual wear space. With the deep category and brand building experience, as well as the tech-led scaling path that TMRW brings, we are confident in establishing TIGC as the leading casual wear brand across both men and women.”
This partnership aims to open up various growth avenues through different channels, including direct-to-consumer and offline/omni-channel, and to expand into sub-brands and categories. Additionally, TIGC sets a goal to achieve Rs 1,500 crore in revenue over the next five years, with a specific focus on tier-II and tier-III cities.
TIGC, founded by Anand Tanted in 2012 as a tech-enabled fast-fashion direct-to-consumer (D2C) brand, has experienced substantial growth, growing six-fold in the last three years. In the fiscal year 2023, it generated revenue of Rs 300 crore with a double-digit profit margin.
Anand Tanted commented on the partnership, stating, “We have reached a point in our journey where we felt the need for a partner who would enable us to take the next big stride in our growth journey. Our collaboration with TMRW enables just this! With our fundamentals in place and our robust partnership with TMRW, we are ready to evolve to the next level and position TIGC as a frontrunner of online fashion in the country.”
TMRW is a tech-driven house of brands with a focus on fashion and lifestyle. The company aspires to achieve over $1 billion in revenue within the next 5 to 7 years, according to the press release.
