The Aditya Birla group on Wednesday announced the launch of its “house of brands” entity TMRW.
According to the group, TMRW will create India’s largest portfolio of disruptor brands in the fashion and lifestyle space and enable the next phase of direct to consumer (D2C) growth in the country which is poised to be a $100-billion market by 2025.
“Over the next three years, TMRW will acquire as well as incubate over 30 innovative, customer-obsessed brands. The venture will also enable multiple founders to operate within a synergistic ‘house of brands’ platform that share a common vision and shared capabilities,” the group said in a statement. It has appointed former Facebook and Bain executive Prashanth Aluru as its CEO and co-founder to lead the new venture.
According to the conglomerate, the move is in line with its strategy to launch and back new-age digital ventures.
TMRW will tap into the extensive range of capabilities and networks that the group and ABFRL (Aditya Birla Fashion and Retail Ltd) ecosystems provide to emerging and disruptor brands.
“Prashanth will set up a nimble and agile founding team with the right skill sets and capabilities. Prashanth comes with extensive experience in digital and technology across strategy, growth and investing,” the group added.
In a separate announcement, Reliance Brands (RBL) said that it has signed a joint venture agreement with Plastic Legno SPA as it looks to increase its presence in the segment after completing the acquisition of the British toy retailer Hamleys in 2019.
The tie-up will see RBL acquiring a 40 per cent stake in Plastic Legno SPA’s toy manufacturing business in India.
RBL added that the investment serves a dual purpose as it will bring in vertical integration for its toy business.