Aditya Birla Group’s new-age house of brands TMRW has acquired a minority stake of 16 percent in the Virat Kohli-backed clothing brand WROGN for Rs 125 crore, with an option for a majority stake in the future.
With this investment, TMRW’s portfolio now consists of 8 Indian fashion brands. Founded in 2014 by the brother-sister duo of Anjana and Vikram Reddy, WROGN has gained popularity among the youth due to trendy designs and association with Virat Kohli, one of India's most prominent and influential cricketers.
According to an exchange filing by Aditya Birla Fashion and Retail, WROGN’s parent company logged revenues of Rs 344 crore in FY23, Rs 336 crore in FY22 and Rs 232 crore in FY21.
As per a recent report by TMRW X Bain & Company, the fashion and lifestyle space is India’s second largest consumer category, valued at $110 billion with approximately 10 percent online at $11 billion. The online fashion market overall is expected to grow to approximately $35 billion by financial year 2028 (FY28) at a 25 percent CAGR. E-commerce has democratized access to fashion, including fashion brands.
The category has seen around 30 percent historical growth, compounded annually, since 2019. TMRW House of Brands with its existing expertise and strong legacy is primed to make the most of this opportunity & foster growth for its brands across fashion and lifestyle categories.
Mahendran Balachandran, Partner at Accel said, “WROGN has created a highly differentiated brand in the competitive world of retail fashion. Anjana and Vikram are visionary founders who have been able to identify the right partnerships to create disruptive outcomes. We are excited about this new collaboration that will bring all-round synergies to take WROGN to the next level.”
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