‘W’ brand owner TCNS Clothing on the block, shareholders look to exit: Sources

Promoters with a 32.25% stake in the company may also look to exit if there is a buyer interested in acquiring a majority stake, sources indicate.

Nisha Poddar

September 06, 2022 / 21:01 IST

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TA Associates-backed TCNS Clothing, popularly known for the ‘W’ apparel brand is said to be on the block as shareholders seek an exit, three independent sources with direct knowledge share with Moneycontrol.

Sources suggest that TCNS Clothing has hired an investment bank to conduct the sale process and has reached out to both private equity and strategic players to sell stakes in the company. Nykaa, Flipkart, and Amazon among others are the key strategic players in talks to explore a stake buy in TCNS Clothing, sources share.

Promoters with a 32.25% stake in the company may also look to exit if there is a buyer interested in acquiring a majority stake, sources indicate. TA Associates is the earliest and the single largest investor in the company with a 29.24% stake looking to exit its investment.

Other large investors include Nalanda Capital with a 7.01% stake and Elevation Capital at a 5.38% stake. Auburn and Steinberg own around 1.5% stake each.

However, TCNS Clothing in a response to stock exchanges on September 6, said, “Company does not have any information with respect to negotiations (if any) in relation to sale of stake by the TA Associates and/or the Promoters of the Company, and the Company does not comment on any market speculation.”