VIRAT KOHLI is set to divest his sporting brand, One8, to Agilitas, while also investing Rs 40 crore in a personal capacity to become a minority shareholder in the Bengaluru-based startup.
This marks Agilitas’ second acquisition, coming a little over a year after it bought Mochiko Shoes, a manufacturer that produces footwear for major brands including Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks and US Polo, among others.
Under the agreement, Kohli will transfer ownership of One8 to Agilitas and make a direct investment into the company. “The complete deal will make Virat a minority shareholder in Agilitas,” Agilitas co-founder and CEO Abhishek Ganguly told Moneycontrol.
Although Ganguly did not disclose the finer details of the deal, he noted that Kohli’s stake would fall within the “mid single-digit” range.
Kohli’s decision to sell One8, previously operated in partnership with Puma, follows the conclusion of his seven-year association with the German sportswear giant. Ganguly, who had earlier served as managing director of Puma India, was responsible for signing Kohli as a brand ambassador during his tenure. The original contract, worth Rs 110 crore, began in 2017 and was set to run for eight years, until 2025. While discussions for a renewal reportedly valued at Rs 300 crore were underway, Kohli opted to step away and instead align himself with Agilitas.
“Virat is not looking at a way to recover the Rs 300 crore that he’s let go. He is in this for the long run, and sees massive upside by being a stakeholder in Agilitas,” Ganguly added.
