NEW DELHI, August 19, 2016 – TCNS Clothing Company Pvt. Ltd., India’s leading branded women’s apparel platform, today announced a US$140 million investment for a minority stake by TA Associates, a leading global private equity firm. The investment marked a full exit for Matrix Partners India which invested Rs. 60 crores in TCNS in 2011 for a minority stake and overall Rs. 90 crores in primary and secondary capital.
Headquartered in New Delhi, TCNS Clothing designs, manufactures and sells contemporary ethnic wear, targeting women between the ages of 25 and 40. Through its three brands – W, Aurelia and Wishful – TCNS operates across the value chain from economy to premium segments. The brands are present in more than 1,600 points of sale across more than 100 cities in India, Mauritius, Sri Lanka and the Middle East, and in over 300 exclusive stores and several large multi-brand retailers and online portals. TCNS achieved consumer sales of more than US$120 million in 2016, resulting in 70% year-over-year growth.
“TCNS has enjoyed great success over the last five years and we are proud to have become India’s leading women’s apparel company,” said Mr. O.S. Pasricha, Founder and Chairman, TCNS Clothing Company. “We are pleased to have TA Associates as our partner for the next phase of our growth, and are delighted to welcome TA to our company and to our Board. We look forward to a close, long-term collaboration.”
Anant Daga, CEO, TCNS Clothing Company Pvt. Ltd. remarked, “We are in an exciting phase of our journey, and despite TCNS being the leading branded womenswear player in India, we believe there are bigger opportunities ahead. Apart from organic growth, we see significant avenues for expansion through the possible introduction of additional womenswear brands and complementary offerings, as well as expansion into additional international markets. With TA’s experience in consumer sectors and fashion verticals, we believe this partnership will add immense value across all strategic and operations spheres.”
“It has been a privilege to partner with Mr. O.S. Pasricha, Anant Daga and the TCNS team – we thank them for the journey and the excellent returns delivered and wish them God Speed ahead with their new partners of high repute.” added Avnish Bajaj, Managing Director at Matrix India.
About TCNS Clothing Pvt. Ltd.
TCNS Clothing Company Pvt. Ltd. (TCNS ) is the name behind the evolution of the most fashionable contemporary wear brand for women - W. In 2002, TCNS entered retailing by setting up its first store in Delhi. Design and Fits are key strengths for TCNS. Pioneers in scientific sizing with 7 sizes, introduction of iconic knit churidar and smaller width stoles, the company has made functional fashion available for everyday woman. The three TCNS Clothing brands - W, Aurelia and Wishful breathe different fashion sensibilities altogether – ranging from ethnic to contemporary fashion. W is the first Indian women's brand to have 200+ stores and Aurelia is avaible through 100+ stores. The brands are also available through 1600 points of sale across 100 cities in India, Mauritius, Srilanka and Middle East.
About Matrix Partners India
Matrix Partners India is an investment firm with INR 4,500 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market leading companies including Centre for Sight (eye care chain), Chumbak (design led consumer brand), Cloudnine (maternity chain), Ola (local transportation), Quikr (online classifieds), Practo (doctor search engine), Stayzilla (accomodations marketplace), Limeroad (mobile social commerce marketplace), Dailyhunt (mobile local language platform), Housejoy (local services marketplace) and Mswipe (mobile POS) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $4 billion under management. Further information is available at www.matrixpartners.in