Sachin Tendulkar-backed fashion firm Universal Sportsbiz is looking to raise up to $20 million (around Rs 130 crore) as it gears up to open 100 exclusive outlets for flagship brand Wrogn in three years. The company, which today opened the first exclusive brand outlet (EBO) of Wrogn, co-owned by another cricketing sensation Virat Kohli at Hyderabad, is embarking on a retail network expansion of the label. “We plan to open five company EBOs this year. The overall plan is to have 100 EBOs in the next three years through the franchise route,” Universal Sportsbiz Pvt Ltd (USPL) co-founder Anjana Reddy told PTI. Apart from opening exclusive outlets, Universal Sportsbiz is enhancing presence of Wrogn brand through Shoppers Stop. “Currently we are in 45 Shoppers Stop stores. By the end of the month it will be 75,” she added. When asked if the company is looking to raise funds for expansion, she said: “Yes, we are looking to raise around $ 15-20 million from new investors.” USPL, which started in 2012 has already raised $ 11 million so far. Last year, it had raised raised Rs 46 crore from existing investor Accel Partners. Commenting on why the company chose to open its first store in Hyderabad, she said the city has great brand following. “I am sure in times to come Hyderabad will accommodate more counters as we strive to provide our customers with superior merchandise and an overall international brand xperience,” Reddy added. USPL has two celebrity fashion lines of Virat Kohli and Shraddha Kapoor under Wrogn and Imara brands. Besides, it has an online channel Collectabillia, which sells celebrity fashion accessories and merchandise.
Source: Economic TimesSachin Tendulkar-backed firm Universal Sportsbiz looks to raise up to $20 million.
Industry: Retail 2016-03-30
