- Forcas Studio is a fashion brand builder that turns the unorganized, unbranded clothing most Indians buy into affordable, labelled fast fashion - essentially creating brands where none existed before. It started in 2010 as a white-label manufacturer, then in 2020 used that manufacturing know-how to launch its own label, FTX, targeting the vast middle of the country’s apparel market. The recurring approach is to spot a gap in the branded market - usually a price band or category dominated by unbranded goods - design a product in-house, test it in tiny batches across online marketplaces, and then scale only the designs that sell, all while outsourcing the actual stitching to dedicated factories.
Business segments
A single engine with three brand layers and a contract-manufacturing side business - an economy fashion brand that creates categories for young India, a premium label for metro shoppers, a relaunched athleisure play, and a white-label operation that uses the spare capacity.
1. FTX: the category-creating economy brand for urban Bharat
FTX is the company’s main business, building a branded alternative in the sub-₹599 menswear space where 80% of India’s clothing market is still unlabelled and unbranded.
- Test small, then scale - new designs launch in initial batches of just 200-300 units across 10-plus online marketplaces; the company watches the sales data, kills slow movers, and pours production behind the winners.
- Expanding beyond menswear - the brand has already added women’s trousers and denims, launched a kids’ winter-wear line being marketed as a trial for this season, and is set to launch a men’s ethnic wear collection for the festive season, using the same small-batch testing model.
2. TRIBE: the premium label for metro wallets
TRIBE takes the same design-and-test playbook upmarket, selling menswear at ₹499-₹1,499 to city customers and pulling up the company’s overall margins.
- A higher-price experiment that worked - launched in 2025 as a test, TRIBE grew revenue 3.5 times in its second year, contributing 9% of the company’s total revenue.
- Freshness as a strategy - the brand adds 50 new styles every month, keeping the assortment moving for fashion-conscious Gen Z shoppers on platforms like Myntra and Ajio.
- Margin engine, not just a side brand - because TRIBE sells at two to three times the price of FTX, it earns fatter margins, and the company plans to stretch it into both men’s and women’s premium bottoms over the next two to three years.
3. White-label manufacturing: the spare-capacity side business
The company stitches garments under contract for other retail brands, using about a fifth of its production capacity and relationships that date back to its founding.
- Built on old relationships - the company began in 2010 making clothes for hypermarket chains like Reliance Retail, Big Bazaar, Spencers, and Vishal Mega Mart, and still counts Landmark Group, V-Mart Retail, V2 Retail, and Highlander among its white-label clients.
- A steady order book - the white-label business held ₹178 million in confirmed orders at the end of the most recent year, having grown from ₹60 million in FY25.
- Fills the factory floor - white-label work absorbs roughly 20% of the company’s outsourced production capacity, providing a stable base load alongside the own-brand business.
4. Fitness Exchange: the athleisure brand being rebuilt
The company is reviving its original activewear label as a standalone semi-premium brand, betting on India’s growing appetite for gym, yoga, and sports-inspired clothing.
- Back to its roots - the company was originally founded as “Fitness Exchange” (FTX) selling activewear and athleisure, and is now relaunching it as a separate brand distinct from the casual FTX label.
- Riding a lifestyle shift - the relaunch taps into rising health awareness, more Indians taking up fitness, the growth of sports culture, and the broader casualisation of everyday fashion.
- Accessories as a hook - the company plans to add accessories under the Fitness Exchange name, citing data that accessories are becoming a major draw on quick-commerce platforms.
Multi-channel distribution engine
The company sells everywhere its young customer shops - online marketplaces, quick-commerce apps delivering in minutes, and a network of 700-plus distributors feeding over 10,000 small-town stores - without owning a single retail outlet itself.
- Marketplace-only online - all e-commerce sales go through third-party platforms like Amazon, Myntra, Flipkart, Meesho, and Ajio, not the company’s own website, reaching over 21,000 pin codes and more than 8 million online customers.
- Fashion in 10 to 20 minutes - the company has boarded Zepto and Myntra M-Now for rapid delivery, with products like tracksuits and sweatshirts available in 80-plus cities, and is set to go live on Flipkart Minutes.
- Deep offline reach without stores - over 700 distributors and semi-wholesalers push FTX products into more than 10,000 multi-brand outlets across 12 states, alongside 500-plus large-format stores like V-Mart and V2 Retail, all while the company itself runs zero retail shops.
- One price everywhere - products carry the same price tag whether sold in a large-format store or online, keeping the brand promise consistent across channels.
Group structure and partners
Forcas Studio is a founder-led, publicly listed company on the NSE’s small-and-medium-enterprise platform, with no subsidiaries and a tightly held promoter group.
- The company was converted from a partnership to a private limited company in January 2024, then to a public limited company in April 2024, and listed on the NSE EMERGE platform in August 2024 under the symbol FORCAS.
- Promoters Sailesh Agarwal (Managing Director) and Sourav Agarwal (CFO and Whole-time Director) held 60.3% of the equity as of March 2025, and the company allotted 24,20,000 convertible warrants in January 2026.
- The company has no subsidiaries, joint ventures, or associate companies - it is a single legal entity operating its own brands FTX, TRIBE, and Conteno alongside its white-label manufacturing.
- A five-member board includes the two executive directors and three independent directors, overseeing a business built on partnerships with e-commerce platforms, quick-commerce firms, large-format retailers, and a network of outsourced factories.