New Delhi: Aditya Birla group joint venture, TMRW bought back most of the shares around 70-80% for Rs 200 crore in brand D2C bewakoof. ET reported on November 25 that Fashion and Retail Aditya Birla (AFRL) is in the final stages of choosing a controlling stake in this fashion brand.
“Given Bewakoof’s loyal consumer base and our added value in design, technology, branding and supply chain, we aim to expand this brand to Rs 500 crore plus more over the next two years,” said Prashanth Aluru, CEO and co-founder. TMRW.
Earlier this week, TMRW announced that it has invested in eight digital-first lifestyle brands to establish its presence across multiple sectors. skin segments ranging from casual wear, children’s wear and western wear. The brand plans to expand into related lifestyle categories including beauty and personal care, it shared in the release.
With TMRW, launched in June of this year, ABFRL is building a ‘Brand House’. TMRW has achieved a turnover rate of over Rs 700 crore and is aiming to surpass an annual turnover rate of over Rs 1500 crore in the next 12 months.
Commenting on the partnership, Prabhkiran Singh, Founder of Bewakoof said: “With TMRW coming soon, we have the right partner with the supporting skills to help us scale quickly. ” He added that with this funding, the fashion retailer will invest in branding and expand into Teen and Children’s apparel over the next two years.
Founded in 2012 by Singh, Bewakoof is a casual clothing brand focused on Gen-Z and millennials. In fiscal year 2022, the D2C brand recorded a revenue of Rs 180 billion and aims to achieve a revenue of Rs 1500 in the next 5 years.