Aditya Birla Fashion and Retail (ABFRL) is on Friday announces to acquire D2C clothing and accessories brand for almost Rs 100 crore, according to the reports. With this investment, ABFRL marks it foray into D2C segment.
Given the boom and competition in D2C and ecommerce sector, Bewakoof plans to build its portfolio and expand. Aditya Birla Fashion and Retail which is acquiring Bewakoof strategises to build a portfolio of new-age digital brands across all categories.
According to the media reports both companies have inked a non-disclosure agreement and finished the process. The team of Bewakoof will also move to Aditya Birla’s company.
Bewakoof is known as one of the pioneers in India’s Direct to consumer segment. It has annual revenue of about Rs 250 crore. The brand has also raised Rs160 crore from investors such as Invest Corp, IVY Cap Ventures and Spring Marketing Capital.
Bewakoof operates in the segment which is attractive to youngsters and includes western clothing which has a big market in India.
In June ABRFL set up its D2C entity TMRW and announced that it will acquire and incubate 30 brands in three year period. Media reports mentioned that this acquisition by ABRFL is part of the strategy to build a portfolio of new-age digital brands.