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- KSA represents 50% of TGM’s revenues
- Further expansion planned in Asia and the USA
- Reaffirms its leadership position in sustainability movement and responsible business in the region
DUBAI, UNITED ARAB EMIRATES:– Earlier this year, Turmeric Capital, an investment company that operates in the GCC and Singapore, invested in ‘The Giving Movement’ from its Growth Fund. The Giving Movement is the first sustainable apparel brand in the GCC to be made from 100% recyclable and biodegradable materials and designed and manufactured entirely in the region.
Turmeric Capital Growth Fund which focusses on investments in the GCC, India and Southeast Asia, was the largest investor in the Series A round, which also saw participation from India’s leading DTC platform Mensa Brands and Knuru Capital, as well as a number of other leading strategic investors.
The Giving Movement is already a popular brand across the GCC region, with the Kingdom of Saudi Arabia representing the largest market with more than 50 percent of revenues. Following its phenomenal organic growth, the Direct to Consumer (D2C) company has recently opened its first flagship retail outlet at the Mall of the Emirates in Dubai.
Dominic Nowell-Barnes, Founder of The Giving Movement, said, “Our collaboration with a world-class partner like Turmeric Capital has enhanced our collective prospects. The transaction with Turmeric Capital – given its track record in consumer and retail investments – has already helped us accelerate our growth. We are proud to share that our annual growth in 2022 will be over 300% after the investment. In addition, TGM is well positioned to accelerate further market expansion both into Asia and the US, where we are already generating seven-figure revenues.”
Commenting on the transaction, Ravi Thakran, Chairman Turmeric Capital: “What excites me most about TGM is its commitment to sustainability with a zero-carbon footprint and 100 percent of its products made from recycled materials. There are very few brands from Asia that have this kind of relationship with sustainability, and I am proud that TGM is so focused on upholding this commitment – which gives them tremendous potential to build a truly world class brand born in Middle East.
Commenting on the transaction, Turmeric Capital’s Zeid Zabian stated, “The sustainable activewear market is experiencing rapid growth regionally and globally, with the Kingdom of Saudi Arabia being the fastest growing market and the UAE a powerful base for global operations With the opening of its first retail outlet in Dubai, we continue to see huge potential for this exceptional brand. We look forward to working with the dynamic founder of The Giving Movement and his passionate team to scale new heights in the near future.”
The Giving Movement was founded in 2020 by British national Dominic Nowell-Barnes, who is now a permanent resident of the UAE. The athleisure brand, which focuses on sustainable and ethical practices, has established itself as a leader among consumers and was recently voted one of the best places to work in the UAE. The Giving Movement’s growing customer base prides itself on its leadership in charity, which to date has resulted in a million of dollars being donated to various causes in the region, including Dubai Cares, and the successful launch of education programs reaching over 20 million beneficiaries in 59 developing countries.
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For press enquiries:
Tricia Kaul
asda’a bcw; Dubai, UAE
Email: Tricia.Kaul@bcw-global.com
About Turmeric Capital
Turmeric Capital, was founded in 2021 by Ravi Thakran. He previously founded and led L Capital Asia (now L Catterton Asia) as its Chairman and Managing Partner for its first three funds, which went on to become one of the largest consumer focused growth investors in Asia.
Mr Thakran has accumulated operating and investing experience across consumer markets in a variety of leadership positions at LVMH, Swatch Group, Nike and Tata Group.
The Fund team has more than 100 years of cumulative investing experience in the consumer sector.
Turmeric Capital team has a network of strategic relationships around the world to implement strategic plans to foster growth, operational excellence and deep category insight.
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