Ahead of the festive season that is around the corner, Aditya Birla Digital Fashion Ventures Ltd has decided to invest Rs 75 crore in Wrogn, the popular men's wear brand backed by Accel and cricketer Virat Kohli.
The The Aditya Birla Digital Fashion Ventures Ltd is fully owned subsidiary of Aditya Birla Fashion and Retail Ltd, Aditya Birla Group.
In a stock exchange filing, the company stated, “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."
Founded by Anjana and Vikram Reddy in 2014, Wrogn operates in both online and offline retail channels, with its target customers being men aged between 18 and 30. The brand offers casual clothing, footwear and accessories known for their bold prints, vibrant colours and inspired by streetwear influences.
Notably, the brand saw a decline in its annual revenue by 29% to Rs 243 crores in financial year 2023-24, as compared to Rs 344 in the last financial year.
According to the exchange filing, the Aditya venture will own 12,225 compulsory convertible preference shares (CCPS), comprising of a 32.84% stake in Wrogn on a fully diluted basis.
