Tuesday, July 23, 2024

Aditya Birla’s TMRW Invests Rs 125 Crore in Virat Kohli-Backed Fashion Brand WROGN

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TMRW House of Brands, owned by the Aditya Birla Group and launched in 2022, has made a significant investment of Rs 125 crore in WROGN, a popular casual wear brand backed by Virat Kohli. This strategic move has allowed TMRW to acquire a 16% stake in WROGN, valuing the Bengaluru-based brand at approximately Rs 780 crore.

Founded in 2014 by siblings Anjana and Vikram Reddy, WROGN has gained prominence for its wide range of casual wear, footwear, and accessories tailored for young men aged 18 to 30. Leveraging Virat Kohli’s influence, the brand has expanded through exclusive brand outlets and partnerships with major e-commerce platforms like Myntra.

“We are excited to welcome WROGN into the TMRW House of Brands. The brand has demonstrated exceptional product-market fit and disruptive brand building over the years,” stated Prashanth Aluru, CEO and co-founder of TMRW.

Despite revenue growth from Rs 336 crore in FY22 to Rs 344 crore in FY23, WROGN reported increased losses of 33% amounting to Rs 44.26 crore. However, with the Indian fashion and lifestyle market valued at $110 billion, including a growing online segment expected to reach $35 billion by FY28, WROGN aims to achieve Rs 1,500 crore in revenue over the next five years.

Virat Kohli expressed optimism about the partnership, highlighting their shared goal to revolutionize the fashion industry. “Success in cricket as well as in business requires teamwork and determination,” he affirmed.

The collaboration with TMRW is set to strengthen WROGN’s position both online and offline, enhancing its direct-to-consumer business model and expanding its market reach. “We are eager to disrupt the fashion industry in new ways,” added Anjana and Vikram Reddy, founders of WROGN.

TMRW House of Brands aims to build a diverse portfolio of digital-first Indian fashion brands, targeting substantial growth and surpassing the $1 billion mark within the next five to seven years. The investment in WROGN marks a significant step towards achieving this goal, supporting innovative ventures in the evolving fashion landscape.

The partnership between TMRW and WROGN underscores a commitment to innovation and growth in the fashion industry, driven by strong market insights and strategic investments.

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