
Aditya Birla Fashion and Retail Ltd (ABFRL) is stepping up investments in TMRW, its fast-growing portfolio of digital-first lifestyle brands, prioritizing scale over near-term profitability. According to reports from Mint, Prashanth Aluru, co-founder and chief executive of TMRW, described the next two years as 'foundation-setting years' as the company scales brands, categories, and channels ahead of a larger profitability push by FY30. The strategy comes even as TMRW continues to remain loss-making despite rapid growth, with the business registering a 29% year-on-year increase in revenue to ₹242 crore in the December quarter.
For the nine months through December, TMRW's revenue rose 31% from a year prior to ₹662 crore, although Ebitda losses widened to ₹182 crore. As reported by Mint, TMRW's losses have 'now peaked', with margins improving nearly 900 basis points year-on-year. The Mumbai-based fashion retail chain reported a consolidated net loss of ₹137 crore in the December quarter, rising from ₹103 crore a year earlier, weighed down by TMRW's losses. In its December quarter investor presentation, ABFRL said TMRW's losses have 'now peaked', with margins improving nearly 900 basis points year-on-year.
The company is aggressively expanding its omnichannel presence through exclusive brand outlets, direct-to-consumer platforms and newer distribution experiments such as quick commerce. According to Mint, four TMRW brands – Bewakoof, Wrogn, The Indian Garage Co and Nobero – have already entered offline retail, with the company ending FY26 with about 125 stores across brands. TMRW argues that its strategy differs fundamentally from earlier brand aggregators because it is focused entirely on fashion and lifestyle and is building long-term operating capabilities rather than simply rolling up brands. The company currently has three brands in the ₹300-crore range and another three in the ₹75-200 crore bracket.
TMRW is increasingly prioritising direct-to-consumer channels and exclusive brand outlets over marketplace-led growth. As reported by Mint, about 70% of Bewakoof's business now comes through its app, while several other brands are rapidly scaling their app-led businesses. The company is also identifying newer growth opportunities within fashion, with Aluru pointing to activewear and 'minimalistic mainstream fashion' as key growth opportunities. TMRW believes it can solve scaling challenges through centralised investments in technology, artificial intelligence (AI), supply chain, product development and omnichannel distribution. The company raised ₹437 crore from ServiceNow Ventures in August 2025 to scale its technology capabilities.
At 1:08 PM on Tuesday, shares of ABFRL traded at ₹62.79 apiece, up 1.3% on the BSE, according to Mint. The broader house-of-brands model is facing increasing scrutiny globally and in India, with industry experts questioning whether the model can sustainably work at scale. The Knowledge Company's Ankur Bisen argued that most successful house-of-brands businesses have historically emerged from digital-first ecosystems with strong online consumer acquisition engines, giving them a structural advantage over legacy offline retailers entering the space later.