Prashanth Aluru joins Aditya Birla Group as head of D2C entity
Premium- The newly set up D2C entity TMRW that will acquire as well as incubate direct-to-consumer fashion and lifestyle brands
New Delhi: Aditya Birla Group on Wednesday announced the appointment of former Meta and Bain & Company executive Prashanth Aluru to head the company’s newly set up entity TMRW that will acquire as well as incubate direct-to-consumer fashion and lifestyle brands.
The move is in line with the group’s strategy to launch and back new-age digital ventures, it said in an announcement on Wednesday. The entity mirrors the house of brands model where a parent company acquires or incubates a portfolio of brands across consumer segments.
“TMRW, an Aditya Birla Group venture, 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 India, which is poised to be a $ 100 billion market by 2025," the company said.
TMRW will acquire as well as incubate over 30 brands over a period of three years.
Aluru who joins the company as the CEO and co-founder will be responsible for setting-up a nimble and agile founding team. Aluru, an alumnus of IIT Kharagpur, comes with extensive experience in digital and technology across strategy, growth and investing, the company said announcing his appointment. He has also served as an angel investor and advisor to several startups, according to his LinkedIn profile.
“The formal launch of our D2C business, TMRW, is a key milestone for the company. This venture has the potential to become a significant growth engine by tapping into the new wave of entrepreneurial energy in India," said Ashish Dikshit, MD, Aditya Birla Fashion and Retail Limited (ABFRL).
With the launch of the venture, the company plans to “double down" on its ongoing program attracting new pools of capital.
TMRW will tap into the extensive range of capabilities and networks that the Aditya Birla Group and ABFRL ecosystems provide to emerging and disruptor brands, the company added.
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The move comes as ABFRL—the retail arm of the group—has been investing in brands to expand its play in the organized retail market. It made a clutch of investments in homegrown designer brands such as House of Masaba, Sabyasachi and Tarun Tahiliani. It also operates brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England in India apart from Pantaloons retail stores.
In February, ABFRL said it will set up a new entity that will incubate and acquire new-age, digital brands across fashion, beauty and other lifestyle segments.
Late last month, the company announced that it is raising ₹2,195 crore, from an affiliate of GIC, Singapore’s sovereign wealth fund. ABFRL plans to use the capital to accelerate its current businesses apart from tapping into emerging high-growth business models.