Cricketer Virat Kohli is selling his sportswear and athleisure brand One8 to Agilitas Sports and investing Rs 40 crore to acquire a minority stake in the latter.
Agilitas Sports is acquiring One8 eight months after Kohli, India’s most successful Test cricket captain, ended his eight-year, Rs 110-crore endorsement deal with German sports footwear and apparel maker Puma’s India arm.
“One8 will now operate as an independent, premium global sports brand,” Abhishek Ganguly, cofounder and chief executive of Agilitas Sports, told ET.
“We are in the process of finalising distribution partnerships for markets such as the UK, South Africa and the US,” he added.
Kohli has invested Rs 40 crore in Agilitas to acquire a 1.94% equity stake through compulsorily convertible preference shares (CCPS), regulatory filings in the corporate affairs ministry showed.
“Today marks the beginning of an exciting new chapter straight from my heart. A new journey begins for One8 and Agilitas, driven by purpose and ambition. Taking One8 home to Agilitas,” Kohli, 37, announced in posts on his Instagram and Twitter handles on Monday.
Kohli had started One8 with Puma in 2017. The arrangement between Puma and One8 was based on a non-equity licensing collaboration.
Ganguly, former Puma India and South Asia managing director, said Agilitas is also in discussions with global sports events for sponsorship deals for One8, and visibility through athletes using its products, but declined to specify details, citing that the deals were at various stages of negotiations.
Agilitas is in advanced talks to raise additional funding from one of its existing investors Nexus Venture Partners. Its other investors include Convergent Finance advised funds.
Agilitas owns Mochiko Shoes, which manufactures for Adidas, Puma, New Balance and Skechers, and has licensing rights for Lotto.
Ganguly set up Agilitas two years back along with Amit Prabhu and Atul Bajaj, also formerly with Puma. Soon after, Agilitas Sports acquired footwear manufacturer Mochiko Shoes, which manufactures for Adidas, Skechers and Reebok among others.
A year later, it acquired licensing rights for Italian shoe brand Lotto, as part of which it makes and sells Lotto products in the country.
