Indian cricket ace Virat Kohli has reportedly rejected a lucrative extension with Puma to sign with sportswear startup Agilitas.
Kohli has partnered with Puma for the past eight years but, according to reports in India, has declined a fresh extension worth I₹300 crore (US$35 million) to invest in Agilitas.
The batsman, who holds the record for the most One Day International (ODI) centuries and is the highest run-scorer in Indian Premier League (IPL) history, will also purportedly serves as both brand ambassador and co-creator at Bengaluru-based Agilitas.
The pact will also reportedly see One8, the brand founded by Kohli that encompasses the likes of athleisure, fragrances and footwear, open exclusive stores and expand to new markets, including the US and UK. As part of this, Agilitas will expand its retail presence through One8 stores.
The value of Kohli’s investment has not been disclosed but has been described as a ‘substantial’ sum. A formal announcement of the deal is expected within the next three months.
Founded in 2023, Agilitas is led by cofounder and chief executive Abhishek Ganguly, the former managing director of Puma India and South East Asia.
Describing itself as ‘India’s fastest growing futuristic, agile, consumer-centric sportswear company’, Agilitas raised I₹600 crore (US$70 million) in its first year from Convergent Finance and Nexus Venture Partners, as well as an additional I₹30 crore (US$3.5 million) from individual investors.
Agilitas also acquired Mochiko Shoes, India’s largest sports footwear manufacturer and the long-term licensee for Lotto in India, South Asia and Australia, to boost its manufacturing capabilities and reach.
It’s obvious why Agilitas would want to sign Kohli ahead of its full launch. A superstar in his home country and one of cricket’s most famous faces, Cristiano Ronaldo and Lionel Messi are the only sportspeople to have a larger Instagram following than the 36-year-old, who ranked 27th in SportsPro’s annual list of the world’s 50 Most Marketable Athletes (50MM).
As for Kohli, his decision to move on from Puma, which replaced its chief executive Arne Freundt with Arthur Hoeld earlier this month, marks the latest case of an athlete seeking greater control over their brand.
A lump sum and exposure from an established sportswear giant aren’t always enough now for sport’s biggest stars, who are seeking more personalised endorsement deals, equity opportunities, as well as a greater say in product development and brand messaging.
This has seen the likes of tennis great Roger Federer switch to upstart brands where they can serve as investor, creator and brand ambassador rather than walking billboard.
For Federer, his multifaceted deal with On has helped the company exceed earnings estimates, while also eat into market share from heavy hitters such as Puma, Nike and Adidas.
Kohli and Agilitas will want their union to reap similar results.
SportsProMedia
