Thomas Scott has entered into a licensing agreement and a global designated supplier agreement with F21 IPCO LLC, a unit of Authentic Brands Group, for the Forever 21 brand. The deal grants exclusive rights across India, Nepal, and Bangladesh.

Agreement details

The agreements cover the Forever 21 brand across three markets: India, Nepal, and Bangladesh. The dual arrangement comprises a licensing agreement alongside a global designated supplier agreement, both executed with F21 IPCO LLC, which operates as a unit of Authentic Brands Group. The initial term is 5 years, with an option to extend for another 5 years.

Scope of the partnership

The agreements position Thomas Scott as a licensed partner and designated global supplier for the Forever 21 brand within the specified territories. As the exclusive licensee, the company will lead product design, development, manufacturing, distribution, retail, and e-commerce operations for the brand in these markets.

Additionally, the appointment as a Global Designated Supplier enables Thomas Scott to manufacture Forever 21 products for the brand's international partner network outside the licensed territory. This leverages the company's in-house manufacturing capabilities as an additional B2B supply stream.

Strategic context and financials

This partnership reflects Thomas Scott's growing capabilities in building and scaling fashion brands. The company currently manages a portfolio of 50,000+ SKUs across 15+ brands, supported by four manufacturing facilities and four fulfilment centres. The company recorded consolidated revenue of ₹254.9 crore in FY26, registering a 58.3% year-on-year growth.

Authentic Brands Group is the parent entity of F21 IPCO LLC and holds the intellectual property rights associated with the Forever 21 brand globally. Authentic operates through a network of more than 1,700 licensees and strategic partners across 150 countries, driving more than $38 billion in annual system-wide sales worldwide.

Promoters of Thomas Scott India Limited pledged a total of 3,52,025 equity shares to Bang Overseas Limited. The encumbrance was created on September 1, 2026, and disclosed on September 9, 2026.

The pledge covers the entire holding of promoter Laxminiwas Bang and his wife, Pushpadevi Laxminiwas Bang. The shares were encumbered as security.

Disclosure Details

The disclosure was made under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing was submitted to the Bombay Stock Exchange and the National Stock Exchange of India Limited.

Laxminiwas Bang holds 3,51,650 shares, representing 2.4% of the total share capital. Prior to this event, no shares held by him were encumbered. Following the creation of the pledge, his entire holding is now encumbered in favor of Bang Overseas Limited.

Pushpadevi Laxminiwas Bang holds 375 shares, which constitutes 0.0% of the total share capital. Her entire holding was also pledged as security to Bang Overseas Limited.

Promoter Group Structure

The disclosure lists Persons Acting in Concert (PAC) with the promoters. The PAC group holds a combined stake of 49.85% in the company. No changes were reported in the PAC holdings during this period.

The PAC group includes family members such as Shobha Bang, Madhu Suman Bang, Kamal Nayan Bang, Girdhar Gopal Bang, Rajgopal Bang, Krishna Kumar Bang, Nandgopal Bang, Ramanuj Das Bang, Arvind Kumar Bang, Purushottam Bang, Sharad Kumar Bang, Rangath Shivnarayan Bang, Varadraj Rangath Bang, Kantadev Bang, Vasudev Rangath Bang, Pushpadevi Rangath Bang, Narayan Das Bang, Brijgopal Bang, Akshita Shrivardhan Bang, Vedant Bang, Balaram Bang, Sampatkumar Bang, Radhadevi Bang, Rekha Bang, Venugopal Bang, Ashmi Jiten Shah, Avisha Jiten Shah, Tupti Jiten Shah, Jiten Raichand Shah, Taradevi Bang, Raghavendra Vengopal Bang, Vandana Brijgopal Bang, along with Bodywave Fashions (India) Private Limited.