Aditya Birla Group invests 155 crore in D2C brand The Indian Garage Co
Aditya Birla Group’s house of brands business TMRW has invested Rs 155 crore in D2C brand The Indian Garage Co (TIGC). The fresh funds will be utilised to grow across D2C, offline and other channels, it said in a statement.
The casual wear brand claims to hold the leadership position in the market, with a strong presence in the men’s wear segment. It recently expanded into women’s wear and plus size segments with FreeHand and HardSoda brands, respectively.
“With TMRW’s investment and capabilities, TIGC has a path to become the leading brand in men & women casual wear with a path to Rs 1,500 crore in the next 5 years and a strong focus on Tier-II/III city-led growth,” the statement said.
The Aditya Birla Group ventured into the realm of house of brands with TMRW in June 2022, with plans to build a portfolio of fashion and lifestyle brands by acquiring and incubating over 30 brands in three years. Its current portfolio includes names such as Berrylush, Juneberry, Natilene, Nauti Nati, Nobero, Urbano, and Veirdo. Its investments in the consumer space also includes brands like Mamaearth, Sugar Cosmetics, and Sleepy Owl.
The fashion and apparel market is expected to grow at an annual growth rate of 24% and reach a size of $112 billion by 2030.
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