Aditya Birla Digital Fashion raises stake to 32.8% in Virat Kohli-backed Wrogn brand
Aditya Birla Fashion Venture will now own 12,225 compulsory convertible preference shares (CCPS), constituting a 32.84% stake in WROGN.
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Aditya Birla Digital Fashion Ventures Ltd. on Wednesday acquired an additional stake in the Wrogn Private Limited apparel brand backed by Indian skipper Virat Kohli.
According to a BSE filing, Aditya Birla Group's fashion subsidiary has increased the stake to 32.84 percent on a fully diluted basis from 17.10 percent.
Wrogn has raised around Rs 75 crore from Aditya Birla Digital Fashion Ventures.
As per the filing, Aditya Birla Fashion Venture will now own 12,225 compulsory convertible preference shares (CCPS), constituting a 32.84% stake in WROGN.
"This infusion is a continuation of its earlier investment in certain milestone-based valuations. The company, therefore, is not in a position to disclose the exact details," ABDFVL said in a stock exchange filing.
Worgn was incorporated in 2012. The Kohli-backed brand is engaged in the business of manufacturing, marketing, and distribution (both online and offline) of fashion apparel, footwear, and accessories.
Wrogn in FY22 posted a revenue of Rs 336 crore, in FY23 it posted Rs 344 crore and in FY24 the company's revenue stood at Rs 243 crore, respectively.
In June, Aditya Birla Group's fashion and lifestyle arm TMRW picked up a 16 percent stake in Wrogn's parent Universal Sportsbiz for Rs 125 crore in an all-cash deal. TMRW owns majority stakes in seven D2C fashion brands for a total investment of Rs 444 crore such as Bewakoof, Urbani, Juneberry, etc.
