Aditya Birla increases stake in Wrogn with Rs 75 crore investment

October 21, 2024

Category: GARMENTS

Country: India

Region: Asia

Aditya Birla Fashion and Retail Ltd has made an investment of Rs 75 crore ($9 million) in Virat Kohli-backed fashion brand Wrogn to increase its stake from the existing 17.10 percent to 32.84 percent.

By Maverick Martins
18th October, 2024

The investment was made through the company’s wholly owned subsidiary, Aditya Birla Digital Fashion Ventures Limited (ABDFVL).

The company had earlier signed an agreement with Universal Sportsbiz Private Limited, which operates Wrogn for a minority investment with an option for a path to majority stake acquisition.

“ABDFVL, a wholly owned subsidiary of the company, has infused Rs 75 crore of the final remaining portion of the stated primary investments into Wrogn, thereby increasing its shareholding in Wrogn, from existing 17.10% to 32.84% on a fully diluted basis,” the company said in a BSE update.

“This infusion is in continuation of its earlier investment on certain milestone-based valuations. The company, therefore, is not in a position to disclose the exact details,” it added.

Founded in 2014 by siblings Anjana Reddy and Vikram Reddy, WROGN is a D2C omnichannel men’s fashion brand, which sells a wide range of casual wear, footwear and accessories. It had reported a revenue of Rs 243 crore for the financial year 2024.