TMRW, an e-commerce rollup venture under the ownership of the Aditya Birla Group, has recently made a substantial financial investment of 155 crore in the highly regarded menswear brand, The Indian Garage Co (TIGC).
In a statement released on Wednesday, TMRW declared its new partnership with TIGC, illuminating its ambition to further expand its presence in the casual wear sector. TIGC, established in 2012, boasted a commendable revenue of 300 crore in the fiscal year 2023, accompanied by a “healthy double-digit profit margin” according to the statement. Unfortunately, specifics regarding this margin were not disclosed.
The Indian Garage Co presently aspires to achieve a significant turnover of 1,500 crore over the course of the next five years. To accomplish this, the company aims to focus its efforts on expanding sales in tier two and three cities. TMRW’s involvement in the brand growth journey is expected to be instrumental.
TMRW has previously invested a considerable sum of Rs 290 crore in eight Direct-to-Consumer (D2C) brands, including the prominent casualwear brand Bewakoof, back in November 2022.
As a result, TMRW currently possesses a diversified portfolio comprising six unique brands. The competition within the house of brands category is fervent, with notable players like Mensa Brands and Good Glamm Group vying for dominance alongside TMRW.
Prashanth Aluru, the chief executive of TMRW, expressed great enthusiasm regarding the partnership with TIGC. He conveyed his confidence in TMRW’s ability to leverage its profound expertise in categories and brand-building, combined with its technology-driven scaling approach, to establish TIGC as the preeminent casualwear brand for both men and women.
