Aditya Birla Group’s TMRW house of brands, more than doubled its revenue to INR 175 crore in the second quarter of FY 2024-25, up 105% from INR 85 crore in the same period last year.
TMRW reduces EBITDA loss to INR 38 Cr
As per INC42, in the first half of the fiscal year under review, TMRW’s revenues increased by 101% year-on-year (YoY) to INR 318 crore, compared to INR 158 crore in the first half of FY24. Parent company Aditya Birla Fashion and Retail stated that TMRW slightly reduced its EBITDA loss to INR 38 crore in the quarter under review, down from INR 39 crore in Q2 FY24, in an exchange filing with the Bombay Stock Exchange (BSE).
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Nonetheless, the negative EBITDA margin significantly improved to 21.8% in the quarter ending September 2024, from 45.3% during the same period last fiscal year. On the operational side, parent company and Retail saw more than 30% YoY growth in overall ecommerce sales in Q2 FY25. However, the exact sales figures were not disclosed.
TMRW to acquire 30 fashion brands by 2025
Backed by the Aditya Birla Group, TMRW was founded in June 2022. The company plans to build a portfolio of 30 fashion and lifestyle brands by 2025 through acquisitions or by creating new brands.
Later on, the company has quickly expanded its operations and invested in multiple D2C brands. In 2022, it acquired stakes in startups like Berrylush, Bewakoof, Juneberry, Natilene, Nauti Nati, Nobero, Urbano, and Veirdo. In 2023, it invested INR 155 crore in The Indian Garage Co (TIGC). So far in 2024, it has increased its shareholding to over 32% in WROGN, a fashion brand backed by Virat Kohli, through at least two funding rounds.
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Meanwhile, TMRW operates in India’s fast-growing direct-to-consumer (D2C) apparel market, which has expanded rapidly due to increased internet and smartphone usage. This growth has led to the emergence of over 200 fashion ecommerce startups in the country, raising more than $2.2 billion between 2018 and 2023.
The Indian fashion ecommerce market is expected to grow to $112 billion by 2030,
as reported by INC42.