Matrix Partners India invests INR 60 crores in TCNS Clothing Company Pvt. Ltd.
Mumbai, India – October 24, 2011: Matrix Partners India announced an investment of INR 60 crores in TCNS Clothing Company Pvt Ltd as the sole investor in the first institutional round of funding. The company, promoted by Mr. O.S Pasricha and Mr. A.S Pasricha, manufactures and markets W, the leading contemporary women’s wear brand in the country. At present, the brand is marketed by around 100 exclusive brand outlets in more than 40 cities and over 600 points of sales across all leading multi brand outlets and large format stores. The brand has been on a high growth trajectory, registering a growth of more than 50% year-on-year. “The women's apparel market is at an inflection point and W is well poised to capitalise on the opportunity. In Matrix we found a meeting of minds and ambition. W will benefit greatly from their market knowledge and the management expertise of the partners, especially Amit Kapoor who has joined our Board.” said OS Pasricha, Chairman, TCNS Clothing Company Pvt. Ltd. “The capital will be deployed for scaling up operations. There hasn’t been a better time for women’s wear market which is growing at an astounding rate. The working women population is on a rise, double income families are becoming common, Tier II and III towns fast catching up with the metro cities and the Indian woman consumer is showing an ever-increasing appetite for fashion products. This coupled with an enhanced platter of fashion brands and quality retail space is sure to explode consumption in this segment. We know it’s a big opportunity and are gearing up to make the most of it” said Anant Daga, CEO, TCNS Clothing Company Pvt. Ltd. "Indian women’s wear market is large, unorganized and untapped. Being a leading women’s wear brand, W is well positioned to capitalize on this opportunity. They have an excellent management team with strong domain expertise, and their brand is backed by a creative design team and rigorous systems and processes. We are very excited about this partnership and look forward to a long term association with the company towards achieving greater successes.” said Amit Kapoor, Managing Director, Matrix India. About TCNS Clothing Company Pvt. Ltd.: TCNS Clothing Company is promoted by Mr. O.S Pasricha and Mr. A.S Pasricha, who have been in the textiles & clothing business since 1972. It manufactures and markets W, the leading contemporary women’s wear brand in the country. The brand is being led by Mr. Anant Daga who is the Chief Executive Officer of TCNS Clothing. W mirrors the new age Indian woman. The brand grew out of the need to offer the contemporary Indian woman, innovative ready-to-wear that combines fashion and functionality. With a unique design sensibility, the Indian Salwar-Kameez was transformed into its chic & urbane - yet comfortable form. This was the first such attempt at reinventing Indian fashion. W offers fashion leadership in the segment through a signature ‘Fusion’ design language which reflects an Indian essence imbued with modernity. At present the brand is marketed through around 100 exclusive brand outlets in more than 40 cities and over 600 point of sales across all leading multi brand outlets and large format stores. The brand has been on a high growth trajectory, registering a growth of more than 50% year-on-year. About Matrix Partners India: Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian domestic market with a sector independent investment strategy focused on generating exceptional returns. The firm invests up to US $30 million in a company depending on its stage of development and has invested in several companies including Center for Sight (eye care chain), Muthoot Finance (gold loan NBFC), Quikr (online classifieds), Tree House Education (preschool and K-12 schools), and Ver se Innovation (mobile classifieds) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available at www.matrixpartners.in
+91 22 6768 0000