Aditya Birla Group's TMRW Invests Big in Virat Kohli's Wrogn
June 20, 2024, 3:36 am
WROGN
Total raised: $15M
Aditya Birla Group's TMRW House of Brands has made a substantial investment of ₹125 crore in Wrogn, the men's wear brand co-founded by cricketer Virat Kohli. This move gives TMRW a 16% stake in Wrogn, with the potential to acquire a majority stake in the future.
The partnership between TMRW and Wrogn aims to strengthen the brand's presence on popular fashion platforms like Myntra, while also expanding its offline footprint and growing its direct-to-consumer business. Wrogn, founded in 2014 by siblings Anjana and Vikram Reddy, has quickly become a prominent player in the casual wear market, offering a wide range of apparel, footwear, and accessories.
With the backing of influential figures like Virat Kohli and previous investments from Accel and Flipkart, Wrogn has seen significant growth in recent years. However, the brand faced a slight slowdown in FY23, with revenue increasing by only 2.3% to ₹344 crore and losses rising by 33% to ₹44.26 crore.
Despite these challenges, Wrogn remains optimistic about its future prospects, aiming to become the leading brand in men's casual and activewear with a target revenue of ₹1,500 crore in the next five years. The partnership with TMRW not only provides financial support but also opens up opportunities for strategic expansion and market dominance.
In a rapidly evolving fashion and lifestyle industry, the investment in Wrogn reflects TMRW's commitment to nurturing and growing Indian fashion brands. With a portfolio that now includes eight prominent fashion labels, TMRW is positioning itself as a key player in the market, leveraging the expertise and resources of the Aditya Birla Group.
As the fashion landscape continues to evolve, partnerships like the one between TMRW and Wrogn highlight the importance of collaboration and innovation in driving success and growth in the industry. With a shared vision for excellence and a commitment to quality, this investment sets the stage for Wrogn to reach new heights and solidify its position as a leading player in the competitive fashion market.
The partnership between TMRW and Wrogn aims to strengthen the brand's presence on popular fashion platforms like Myntra, while also expanding its offline footprint and growing its direct-to-consumer business. Wrogn, founded in 2014 by siblings Anjana and Vikram Reddy, has quickly become a prominent player in the casual wear market, offering a wide range of apparel, footwear, and accessories.
With the backing of influential figures like Virat Kohli and previous investments from Accel and Flipkart, Wrogn has seen significant growth in recent years. However, the brand faced a slight slowdown in FY23, with revenue increasing by only 2.3% to ₹344 crore and losses rising by 33% to ₹44.26 crore.
Despite these challenges, Wrogn remains optimistic about its future prospects, aiming to become the leading brand in men's casual and activewear with a target revenue of ₹1,500 crore in the next five years. The partnership with TMRW not only provides financial support but also opens up opportunities for strategic expansion and market dominance.
In a rapidly evolving fashion and lifestyle industry, the investment in Wrogn reflects TMRW's commitment to nurturing and growing Indian fashion brands. With a portfolio that now includes eight prominent fashion labels, TMRW is positioning itself as a key player in the market, leveraging the expertise and resources of the Aditya Birla Group.
As the fashion landscape continues to evolve, partnerships like the one between TMRW and Wrogn highlight the importance of collaboration and innovation in driving success and growth in the industry. With a shared vision for excellence and a commitment to quality, this investment sets the stage for Wrogn to reach new heights and solidify its position as a leading player in the competitive fashion market.