TMRW House of Brands, owned by the Aditya Birla Group, has contributed Rs 125 crore ($15 million) to the men’s clothing brand WROGN. TMRW now has eight Indian fashion brands in its portfolio as a result of this investment.
WROGN, a Bengaluru-based company valued at approximately $105 million, has seen a 16% stake acquired by TRMW.
According to a press release from WROGN, this collaboration will support the company’s offline footprint expansion and D2C business growth in addition to fortifying its position on fashion platforms such as Myntra. In the next five years, the company hopes to reach a revenue target of Rs 1.500 crore and establish itself as the top brand in the men’s casual and activewear market.
Anjana and Vikram Reddy, a brother-sister team, founded WROGN in 2014; it’s a well-known brand in the casual wear industry. It provides a wide selection of accessories, shoes, and casual clothing. With the help of cricket player Virat Kohli, the brand has quickly grown thanks to partnerships with top e-commerce platforms and exclusive brand stores.
Since its founding in 2014, WROGN has raised about $90 million from investors including Accel, Flipkart, Sachin Tendulkar, and Kohli. Flipkart contributed an undisclosed sum to WROGN’s Series F round in November 2020. The e-commerce major also owns stock in HRX, Hrithik Roshan’s rival company to WROGN.
In the previous few fiscal years, WRONG grew quickly, but in FY23, its growth was flat. From Rs 336 crore in FY22 to Rs 344 crore in FY23, its revenue increased by just 2.3%. The company’s losses increased 33% to Rs 44.26 crore from Rs 33.63 crore during the same period, in contrast to its revenue. FY24 annual report for the company has not yet been filed.
According to a recent TMRW X Bain & Company report, the fashion and lifestyle sector is the second largest consumer category in India, with a valuation of $110 billion, of which 10% is accounted for online ($11 billion). At a 25% compound annual growth rate, the whole online fashion market is projected to reach about $35 billion by the fiscal year FY28.
TMRW had previously made investments in companies such as Veirdo, Nobero, Juneberry, Urnabo, Bewakoof, and Nauti Nati.
