Aditya Birla Group's TMRW invests ₹125 crore in Virat Kohil's Wrogn
Summary
NEW DELHI :Aditya Birla Groups fashion and lifestyle venture TMRW has invested 125 crore for a 16% stake in Universal Sportsbiz Pvt. Ltd (USPL), the Accel and Virat Kohli-backed parent of clothing brand Wrogn.The minority investment comes with an option for a path to majority stake acquisition" later, Aditya Birla Fashion and Retail Ltd said in an exchange filing on Wednesday.In 2022-23, USPL earned a revenue of 344 crore, the company said in its filing. In a separete statement, TMRW said Wrogn could become a 1,500-crore brand in the next five years.Also Read: Can Nykaas house-of-brands strategy be its next growth driver? Apart from strengthening its leadership position on fashion platforms like Myntra, this partnership will help expand its offline footprint and provide impetus to scaling up the D2C business," TMRW said in the statement.Kohli is both an investor and a brand ambassador in Wrogn.We are excited about this new collaboration that will bring all-round synergies to take Wrogn to the next level," said Mahendran Balachandran, partner at Accel, a veture capital firm.Also Read: Aditya Birla Group eyes bifocals for its diverse businesses, people policiesTMRW plans to become a house-of-brands enterprise exceeding the $1-billion benchmark in slaes in 57 years.Since its inception in 2022, the Aditya Birla group company has invested 444 crore in buying majority stakes in seven other direct-to-consumer (D2C) fashion brands: The Indian Garage Co., Bewakoof, Nauti Nati, Juneberry, Urnabo, Veirdo, and Nobero.The fashion and lifestyle space is Indias second-largest consumer category, valued at $110 billion, about 10% of which is online, according to a 2023 report by Bain & Co.Milestone Alert! Livemint tops charts as the fastest growing news website in the world \U0001f30f Click here to know more.3.6 Crore Indians visited in a single day choosing us as Indias undisputed platform for General Election Results.