As per reports, ‘W’ brand of clothing for women that is owned by TCNS Clothing Co Pvt. Ltd has raised a $140 million from US-based Private equity firm TA Associates.
In the biggest ever private equity deal in the apparel industry, the firm has paid to buy out shares from existing shareholders including Matrix Partners India.
This deal values W somewhere between $280 and $400 million.
Anant Daga, CEO, TCNS Clothing Company Pvt. Ltd, “We are in an exciting phase of our journey, and despite TCNS being the leading branded women’s wear player in India, we believe there are a plethora of opportunities ahead.”
Headquartered in New Delhi, TCNS Clothing designs manufactures and sells women’s ethnic wear, targeting the 25-40 age group. It has three brands — W, Aurelia and Wishful — and operates across the economy to premium segments.
The brands are currently present in more than 1,600 points of sale in over 100 cities in India, Mauritius, Sri Lanka and West Asia. They are also available in more than 300 exclusive stores, large multi-brand retailers and online portals.
According to TCNS, it has achieved consumer sales of more than $120 million in the fiscal year 2016, resulting in 70 percent year-over-year growth. The company added almost 100 stores last year and made its international foray with exclusive stores in Sri Lanka and Mauritius.
TA Associates, founded in 1968, has invested about $17 billion in 460 companies across the globe.
