Aditya Birla looks to acquire W owner TCNS Clothing Co
Aditya Birla Fashion is looking to acquire clothing business TCNS Clothing Co, which owns brands including W, Aurelia, and Elleven. The business is emerging as the frontrunner for the acquisition but Nykaa remains interested.
Aditya Birla Fashion is pulling ahead of beauty and fashion giant Nykaa with its bid to acquire TCNS Clothing Co, sources close to the negotiations told the Economic Times. TCNS Clothing Co has mandated Credit Suisse to find a buyer for the 61.24% of the company owned by the promoters and investor TA Associates. The transaction would also lead to an open offer for an additional 25% of the business which would give a new investor the chance to acquire up to 86.24% of TCNS Clothing Co for Rs 3,016 crore.
“The company keeps on evaluating various opportunities on an on-going bases and in this regard consult with various advisors,” said TCNS Clothing Co’s chief financial officer Amit Chand, ET Bureau reported. “As and when any event becomes a reportable event, the company informs the same to the stock exchanges in accordance with applicable provisions of the applicable Sebi regulations.”
TCNS Clothing Co brand Elleven retails a wide range of fusion wear and has also launched an athleisure line. The business’ brand W retails a selection of womenswear and Aurelia retails women’s ethnic wear, recently launching its ‘Winter Taj’ collection of kurtas and anarkalis.
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