Avendus Capital Advises Tcns Clothing co.(“w”) on a USD 140 mn Secondary Transaction With Ta Associates Acquiring a Minority Stake From Matrix Partners and Other Shareholders.

“TCNS has enjoyed great success over the last five years and we are proud to have become India’s leading women’s apparel company,”

“We are pleased to have TA Associates as our partner for the next phase of our growth, and are delighted to welcome TA to our company and to our Board. We look forward to a close, long-term collaboration.”

“We are in an exciting phase of our journey, and despite TCNS being the leading branded womenswear player in India, we believe there are infinitely bigger opportunities ahead. Apart from organic growth, we see significant avenues for expansion through the possible introduction of additional womenswear brands and complementary offerings, as well as expansion into additional international markets.”

Branded women’s apparel is expected to grow at 20% in the next 10 years with the proportion of branded apparel moving from 17% currently to about 38% of the total $30Bn women apparel market in 2025 (ratio of women’s branded apparel market to men’s in India is significantly lower than global markets). This trend is catapulted by an increasing number of working women who have a more varied number of occasions to dress for, higher frequency of purchase by the younger population given artificial obsolescence; and changing preferences of the middle aged consumers (major shift away from saree) – which has led to an overall increase in the average size of a women’s wardrobe.
 

“We believe the team at TCNS led by Anant has created a leadership position in its segment through innovation and has consistently delivered new designs & products to the Indian woman consumer. It has been great working with them and learning how innovation as a culture can be used to create tremendous value for all stakeholders.”