SUMMARY
Under the 40-year long licence deal, Agiitas has bagged the exclusive rights to design, manufacture and distribute Lotto products in India, South Asia and Australia
Agilitas’ cofounder Abhishek Ganguly told Inc42 said that its recently-acquired sportswear manufacturing brand Mochiko is poised to be an INR 1,000 Cr business by FY25
Agilitas has raised INR 530 Cr in funding from the likes of Convergent Finance and Nexus Venture Partners since May last year
Sportswear startup Agilitas Sports has forayed into the consumer space with the acquisition of brand licence for Italian sports brand Lotto.
Under the long-term licence spanning 40 years, the startup has bagged the exclusive rights to design, manufacture and distribute the brand in India, South Asia and Australia.
“… Agilitas plans a multi-category offering in footwear, apparel, accessories, and sports equipment,“ the startup said in a statement.
Speaking with Inc42, Agilitas cofounder and CEO Abhishek Ganguly said that the startup will manufacture Lotto shoes at the Noida factory of its recently-acquired sportswear manufacturing brand Mochiko. He expects the products to hit the shelves by early 2025.
“… Agilitas will invest in a dedicated management team to grow the Lotto brand through product creation, design innovation, supply chain, branding, marketing, and channels of distribution… We aim to build an agile product creation cycle and supply chain that is vertically integrated from manufacturing to retail. This would enable us to react quickly to consumer insights and the latest trends in an agile and nimble manner,” said Ganguly.
The startup has acquired the rights from Lotto’s parent WHP Global. Agilitas also said that it will make large investments in manufacturing, designing, R&D, supply chain, marketing, and distribution in the near future.
Agilitas will opt for an omnichannel strategy and will distribute Lotto products through its own website, online marketplaces, exclusive brand outlets (EBOs), among others, in the first year of launch itself.
Commenting on the collaboration, senior vice-president of WHP Global’s athletic vertical Margaret Kivett said, “Partnering with Agilitas Sports marks an exciting chapter for Lotto. We are thrilled to collaborate with their dynamic team to amplify Lotto’s presence in pivotal global markets, particularly in soccer and racket sports hotspots like India and Australia…”
Ganguly told Inc42 that Agilitas plans to leverage aspects such as Lotto’s brand value, multiple distribution channels, quality products, customer experience and the startup’s vertically integrated manufacturing setup to create a niche in the Indian sportswear segment.
He said the startup plans to make more brand acquisition announcements over the next few months, adding that new brands will also be launched over the course of 2025.
Founded in 2023 by former Puma India executives Ganguly, Atul Bajaj, and Amit Prabhu, Agilitas operates in the fast-growing sportswear market in India. It aims to be an end-to-end footwear company right from design all the way to retail.
Since May last year, it has raised INR 530 Cr in funding from the likes of Convergent Finance and Nexus Venture Partners. While it is yet to make its consumer market debut, the sportswear company made inroads into the B2B space last year after it acquired India’s largest sports footwear manufacturer Mochiko Shoes for an undisclosed amount.
Mochiko manufactures shoes for brands such as Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks and US Polo in India.
Speaking about the acquisition, Ganguly said Mochiko is projected to be an INR 1,000 Cr business by financial year 2024-25 (FY25) as per current order book estimates. He expects the number to double over the next four years.
Speaking about the consumer side of the business, the Agilitas CEO said that the startup wants to build three to four brands under its umbrella through long-term partnerships or via the acquisition route. He, however, added that Agilitas would steer away from building a brand from scratch at the current stage.
“On the consumer brand front this year, we are wiring up the product and shoring up the retail identity and the marketing proposition. It also takes time because we have to design and manufacture the products, create retail store formats and build the app and web store from scratch,” Ganguly said
At the heart of Agilitas’ mega expansion plan is the growing Indian footwear and athleisure wear market, fuelled by rising disposable incomes and a growing middle class. As per a report, the homegrown footwear space is projected to grow to a market size of INR 1.91 Lakh Cr by FY28.
