Aditya Birla Group Enters Into D2C Fashion With TMRW The new venture is in line with the company's strategy to launch and support new-age digital ventures
By Teena Jose
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Aditya Birla Groups, on Wednesday, has announced the launch of its "house of brands' entity, TMRW, to enhance digital fashion and lifestyle brands. It aims to create a large portfolio of disruptor brands in the fashion and lifestyle space and enables the next phase of D2C growth in the country. The move is in line with the company's strategy to launch and support new-age digital ventures.
"TMRW, an Aditya Birla Group venture, will create India's largest portfolio of disruptor brands in the fashion and lifestyle space and enable the next phase of D2C growth in India, which is poised to be a $100 billion market by 2025," said the company in a statement.
TMRW will function as a wholly-owned subsidiary of Aditya Birla Fashion and Retail. It also plans to attract capital in the venture from sovereign wealth funds and other investors. The target is to build and buy more than 30 brands over the next three years, as per the statement.
Aditya Birla Group appointed former Facebook and Bain executive Prashanth Aluru as the CEO and co-founder to head the new venture. "Prashanth will set up a nimble and agile founding team with right skill and capabilities. He comes with extensive experience in digital and technology across strategy, growth and investing," stated the company in the announcement.
Ashish Dikshit, managing director of ABFRL, said in a news statement, "With the launch of this venture, we intend to double down our ongoing program of strategically attracting new pools of capital that are seeking investment in high-growth businesses."
According to reports, the D2C market has the most growth potential of all. It is expected to make $43.2 billion sales by 2025. Also, it will be the most popular part of the online fashion business by 2025, when clothes and shoes make up more than 77 per cent of it.
