TMRW Invests Rs 125 Crore In Virat Kohli-Backed WROGN, Eyes Majority Stake
Aditya Birla Group’s modern brand conglomerate, TMRW, has acquired a 16% minority stake in the Virat Kohli-endorsed clothing brand WROGN for Rs 125 crore, with an option to increase to a majority stake in the future.
With this investment, TMRW’s portfolio now includes eight Indian fashion brands. WROGN, founded in 2014 by siblings Anjana and Vikram Reddy, has garnered significant popularity among young consumers, thanks to its trendy designs and association with Virat Kohli, one of India’s most influential cricketers.
According to an exchange filing by Aditya Birla Fashion and Retail, WROGN’s parent company reported revenues of Rs 344 crore in FY23, Rs 336 crore in FY22, and Rs 232 crore in FY21.
A recent report by TMRW and Bain & Company highlights that the fashion and lifestyle sector is India’s second-largest consumer category, valued at $110 billion, with around 10% of this market online, worth $11 billion. The online fashion market is projected to grow to approximately $35 billion by FY28, with a compound annual growth rate (CAGR) of 25%. E-commerce has significantly broadened access to fashion, including high-end brands.
The sector has experienced about 30% annual growth since 2019. Leveraging its expertise and strong heritage, TMRW House of Brands is well-positioned to capitalize on this opportunity and drive growth for its fashion and lifestyle brands. Mahendran Balachandran, Partner at Accel, commented, “WROGN has established a unique brand in the competitive retail fashion industry. Anjana and Vikram are visionary founders who have strategically forged partnerships to achieve disruptive outcomes. We are enthusiastic about this new collaboration, which promises to bring comprehensive synergies and elevate WROGN to the next level.”
