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Aditya Birla Fashion and Retail venture TMRW on Monday acquired a majority stake in e-commerce startup Bewakoof Brands for a total of Rs. 200 crores.
According to a stock exchange filing from Aditya Birla Fashion, the clothing retailer will purchase 73–80% of Bewakoof through a combination of primary equity and debt infusion and secondary stake acquisition via share subscription agreements, loan agreements, and share purchase agreements, respectively.
TMRW also announced partnerships with seven other digital-first lifestyle brands as part of its multi-year plan to build a technology-driven "House of Brands" company. Berrylush, Natilene, Juneberry, Nauti Nati, Nobero, Urbano, and Veirdo are some of the D2C brands.
The enterprise was launched a few months ago, according to the corporation, and these connections with the new-age founders have already been established. Certain of these transactions need the execution of legal documents and other usual closing requirements.
TMRW asserts that it has reached a revenue run-rate of 700 crores with these eight brands on board and is on track to surpass an annual revenue rate of over 1,500 crores in the coming 12 months.
Nine months after establishing a new subsidiary with the goal of developing a portfolio of modern, digital brands spanning categories in fashion, beauty, and other related lifestyle segments, the Aditya Birla Group company closed these transactions.
"The investment in these 8 D2C brands establishes a strong foundation with a diversified portfolio across several fashion sub-categories. With this portfolio, TMRW has established a presence across a broad spectrum of apparel segments ranging from casual wear, kid's wear to western wear," the retailer says.
"TMRW's vision is to partner with new-age founders by bringing in strategic, operational & technological capabilities in addition to growth capital. With synergistic investments that will power multiple brands, TMRW will enable blitz scaling and brand building," it adds.
Discussing the investment, Ashish Dikshit, managing director, Aditya Birla Fashion and Retail Ltd, said, "By tapping into ABFRL's fashion capabilities and category expertise, TMRW is on the path to replicate the success in the digital-first space by building the next generation of memorable brands that will drive India’s e-commerce growth."
The business also has expansion plans in the personal care and related lifestyle categories.
30-11-2022
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