Matrix India invests $12m in womenswear firm

Matrix is now the sole investor in TCNS, whose main brand, W, can be found in 100 exclusive brand outlets in more than 40 cities, as well as in 600 multi-brand outlets. This momentum drove more than 50% year-on-year growth in the past fiscal year, Matrix said in a statement.

Anant Daga, CEO of TCNS, said the capital will be used to expand the company's operations in order to meet demand. "The working women population is on a rise, double income families are becoming common, tier two and tier three cities are fast catching up with the metro cities and the Indian woman consumer is showing an ever-increasing appetite for fashion products," Daga said in the statement.

TCNS, which launched its textiles and clothing business in 1972, designs contemporary womenswear.

Matrix India, which claims more than $600 million under management, has previously invested in Brand Marketing India, the exclusive domestic licenser for Calvin Klein. The firm commits up to $30 million per investment tranche, and its recent deals in India include the Center for Sight, Muthoot Finance and Tree House Education.

In May, it closed its $300 million Matrix Partners India II.

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• Topics
• South Asia
• Consumer
• Matrix Partners
• India
• Consumer