Thomas Scott (India) Partners with Authentic Brands Group for Forever 21 Expansion

Key numbers

Annual Revenue	₹254.89 CrFY26 Consolidated
Market Cap	₹350.84 CrSmall Cap
Net Profit TTM	₹21.14 CrTrailing 12 Months
Day RSI	43.12Neutral Zone
Order from	F21 IPCO LLC
Execution period	5 years

Key highlights

• Exclusive license for Forever 21 across apparel, footwear, and accessory categories
• Initial five-year term with a provision for a further five-year extension
• Appointed as a Global Designated Supplier for Forever 21's international partner network
• Commercials include royalty payable on net sales and wholesale margins on supply streams
• Company reported consolidated revenue of 254.9 crore in FY26 with 58.3 percent growth

What Is the Partnership?

Thomas Scott (India) Ltd has entered into a comprehensive licensing and global designated supplier agreement with F21 IPCO LLC, a subsidiary of Authentic Brands Group. This multi-year partnership grants the company exclusive rights to manage the Forever 21 brand's product design, development, manufacturing, and retail operations in India, Nepal, and Bangladesh. Beyond regional distribution, the company will act as a Global Designated Supplier, enabling it to manufacture products for Forever 21's international partner network.

The commercial structure includes royalty payments on net sales of licensed products and supply margins on international B2B streams, leveraging the company's vertically integrated infrastructure.

Partner Profile

• F21 IPCO LLC is a subsidiary of Authentic Brands Group, a global brand and entertainment platform
• Authentic Brands Group manages a portfolio driving more than $38 billion in annual system-wide sales
• The group maintains a network of over 1,700 licensees and strategic partners across 150 countries
• Brand portfolio includes iconic names like Reebok, Champion, Nautica, and Brooks Brothers
• The partnership targets India's young consumer base through a digital-first growth strategy

What It Unlocks

The partnership integrates Forever 21 into an operational framework that already manages over 50,000 SKUs across 15 brands. Thomas Scott utilizes a vertically integrated business model comprising four manufacturing facilities and four fulfillment centers serving the Indian market. This infrastructure allows the company to oversee the entire product journey from design to final consumer delivery across retail and e-commerce channels.

The Global Designated Supplier designation specifically leverages the company's in-house manufacturing capabilities, creating an additional B2B supply stream that services authorized distributors outside the primary licensed territory of India, Nepal, and Bangladesh.

Executive Perspective

With Gen Z and Gen Alpha right in front of them, we want every Indian customer to find their twenty-one-year-old self in this brand. We're excited to scale Forever 21 in India, and equally excited to have been appointed a global designated supplier for the brand.

Financial Context

The company enters this agreement following a period of significant growth, having recorded a consolidated revenue of 254.89 crore in FY26, which represents a 57.73 percent increase year-on-year. Net profit for the same period grew by over 50 percent, reaching 19.3 crore. While the stock has seen a 1-year price decline of 32.18 percent, it currently maintains a Price-to-Earnings ratio of 16.6, compared to an industry average of 43.22.

The new licensing deal is intended to further strengthen the company's portfolio of international fashion brands while utilizing its existing infrastructure to drive sustained momentum in the apparel and accessories sector.

“Forever 21 has a strong connection with young consumers, and India represents an important market for the brand's next phase of growth. TSIL brings the local market expertise, integrated capabilities and digital-first approach needed to expand Forever 21 across the region.”

“The appointment adds another international fashion partnership to TSIL's portfolio and further strengthens its strategy of expanding its portfolio of international fashion brands, supported by its integrated manufacturing infrastructure and data-led merchandising capabilities.”

Thomas Scott (India) · financial snapshot

Share price	₹236.2
Market capitalisation	₹350.84
Revenue (annual)	₹254.89
Net profit (annual)	₹19.30
P/E (TTM)	16.6×Sector 55.71×
Promoter holding	51.68%-0.64% QoQ
FII holding	0.12%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.