Virat Kohli broke 8-year-partnership with Puma for this sportswear brand
What's the story
Famed Indian cricketer Virat Kohli has made an investment in Agilitas, an Indian sportswear brand.
The move comes as he ends his eight-year-long association with Puma, a leading global sportswear manufacturer.
Despite getting a whopping ₹300 crore offer from Puma to renew their contract for another eight years, Kohli opted to invest in Agilitas instead.
Expansion strategy
Agilitas's future plans
Founded in 2023, Agilitas is now gearing up for a formal announcement of Kohli's investment and stake in the company.
The brand is also planning to open new stores for One8, which was registered by Kohli in 2016.
One8 had earlier partnered with Puma and created a business of about ₹250 crore under the 'Puma One8' label.
Global reach
One8's expansion and Kohli's role
One8 is now looking to go international, riding on Kohli's massive popularity among cricket fans.
This strategy is similar to tennis star Roger Federer's investment in Swiss athletic apparel firm On.
Kohli will serve as the brand ambassador and co-creator for One8, which hopes to become India's first aspirational brand with a global footprint in footwear and sportswear.
It also plans distribution in major markets like US and UK.
Record deal
Kohli's previous contract with Puma
In 2017, Kohli had signed a lucrative ₹110 crore contract with Puma for eight years, one of the highest deals in the Indian sports industry at the time.
A Puma spokesperson recently commented on their association with Kohli, saying it was "a wonderful association...spanning over several years, many outstanding campaigns and path-breaking product collaborations."
The statement comes as both parties gear up for new ventures after their split.
Business growth
Agilitas's recent acquisition and funding
In 2023, Agilitas Sports acquired Mochiko Shoes, India's largest sports footwear manufacturer for the domestic market. The amount of this acquisition remains undisclosed.
In its first year of operations, Agilitas raised ₹600 crore through Convergent Finance and Nexus Venture Partners, along with an additional ₹30 crore from individual investors.
This funding will likely support the company's expansion plans.