Matrix Partners India is investing Rs 60 crore in TCNS Clothing Company Pvt Ltd, which manufactures and markets contemporary women’s wear brand W in India. This is the first institutional round for the company, promoted by OS Pasricha and AS Pasricha.
This is the second investment by Matrix in the branded apparel space. Earlier, it had invested in Premium Garments, which has exclusive licensing rights in India for Calvin Klein. Premium Garments is a joint venture between Vijay Murjani (who had previously established Brand Marketing India) and NYSE-litsed Warnaco Group, Inc.
Another deal in women’s apparel space took place recently when Mumbai-based Kimaya Fashions Pvt Ltd, a luxury fashion house focusing on ethnic wear raised Rs 60 crore from Franklin Templeton Private Equity Strategy. Other investments in the space include Future Ventures’ backing of BIBA Apparels, among others.
W is sold across 100 exclusive brand outlets (EBOs) in more than 40 cities and over 600 points of sale in multi-brand outlets and large format stores. Also, the brand has been registering 50 per cent year-on-year growth, according to a company statement. The promoters of TCNS Clothing have been in textiles and clothing business since 1972. The W brand is now led by Anant Daga who is the chief executive officer of TCNS Clothing. Matrix Partners’ managing director Amit Kapoor has joined the board of TCNS.
“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 the rise, double-income families are becoming common, tier II and tier III towns are fast catching up with the metro cities and the Indian woman consumer is showing an ever-increasing appetite for fashion products. All these factors, coupled with an enhanced platter of fashion brands and quality retail space, are sure to explode consumption in this segment. We know it is a big opportunity and we are gearing up to make the most of it,” said Anant Daga, CEO of TCNS Clothing.
“In India, women’s wear market is large, unorganised and untapped. Being a leading brand in this space, W is well positioned to capitalise on this opportunity. It has an excellent management team with strong domain expertise and its brand is backed by a creative design team and rigorous systems and processes,” said Amit Kapoor, managing director of Matrix India.