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TA Associates invests $140 mn in TCNS Clothing
Global private equity firm TA Associates has invested $140 million (around Rs 938 crore) in TCNS Clothing Company, a New Delhi-based women’s apparel platform, for a minority stake.
Hyderabad: Global private equity firm TA Associates has invested $140 million (around Rs 938 crore) in TCNS Clothing Company, a New Delhi-based women’s apparel platform, for a minority stake. The investment marked a full exit for Matrix Partners India, which invested Rs 60 crore in TCNS in 2011 for a minority stake and overall Rs 90 crore in primary and secondary capital.
TCNS Clothing designs, manufactures and sells contemporary ethnic wear, targeting women between the ages of 25 and 40. Its three brands, W, Aurelia and Wishful, 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, several large multi-brand retailers and online portals.
TCNS achieved consumer sales of more than $120 million in 2016, resulting in a year-on-year growth of 70 per cent. “It has been a privilege to partner with 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,” Avnish Bajaj, Managing Director at Matrix India, said in a statement on Friday.
