Virat Kohli is set to sell his sporting brand, One8, to Agilitas and also invest Rs 40 crore in his personal capacity to become a minority shareholder in the Bengaluru-based startup.
One8 will be Agilitas’ second acquisition and comes over a year after it acquired Mochiko Shoes, a company that manufacturers shoes for brands such as Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks, and US Polo, among others.
What are the details of the deal signed between Virat Kohli and Agilitas?
As part of the agreement, Kohli will sell One8 to Agilitas and also invest Rs 40 crore in the company. “The complete deal will make Virat a minority shareholder in Agilitas,” Abhishek Ganguly, co-founder and CEO, Agilitas told Moneycontrol.
Kohli’s association with Agilitas will be exclusive which means he cannot endorse any other sports brand.
While Ganguly did not share more details on the deal, he said Kohli’s share will be somewhere in the “mid single digits” range.
Kohli’s agreement to sell One8, earlier a part of Puma, to Agilitas comes months after his seven-year-long contract with Puma ended. As the managing director of Puma India, Ganguly had played a key role in roping in Kohli as the company's brand ambassador of the German company back then. The Rs 110-crore contract, which began around 2017 was reportedly in place for eight years, until 2025.
Earlier this year, Kohli, who was set to renew his contract, now worth Rs 300 crore, walked out of the deal and chose to go with Agilitas.
“I could have either been a part of just One8 or been a part of Agilitas," Kohli said in a social media post which revealed his deal with Agilitas.
“Virat is not looking at a way to recover the Rs 300 crore that he’s let go. He is in this for the long run, and sees massive upside by being a stakeholder in Agilitas,” Ganguly concluded.
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