TCNS Clothing hopes to raise 100 million dollars from PE funds

TCNS Clothing is in talks to raise 100 million dollars (Rs 686 crores to fund its growth plans. This would help its present investor Matrix Partners India, to exit. It had invested Rs 100 crores in TCNS in 2011. TCNS owns the W brand of clothes for women.

The money will be used to expand the reach of TCNS to new countries as well as the number of outlets in India. Investment bank Avendus Capital has been appointed to find potential investors. TCNS Clothing’s 2014-15 revenue jumped 80 per cent to Rs 358.7 crores from Rs 199 crore in the previous year. The firm’s profit tripled to Rs 27.2 crores. TCNS aims to double its sales to Rs 1,000 crores by 2017 fiscal through new stores, innovative product offerings and increase in online sales. The firm is planning to open outlets in Singapore, Mauritius and Sri Lanka.

W is sold in nearly 200 exclusive outlets while Aurelia is sold through 90 stores. W contributes about 70 per cent to the overall revenue while the rest is contributed by Aurelia and Wishful.