Agiitas has acquired the rights to design, manufacture, and market Lotto goods in India, South Asia, and Australia under a 40-year license agreement. Agilitas cofounder Abhishek Ganguly told Inc42 that its recently acquired sportswear manufacturing firm Mochiko is projected to be an INR 1,000 crore business by FY25. Agilitas has raised INR 530 crore in finance from the likes of Convergent Finance and Nexus Venture Partners since May last year.
Agilitas Sports, a sportswear startup, has entered the consumer arena by acquiring the brand license for the Italian sports brand Lotto.
The firm now has exclusive rights to design, manufacture, and market the brand throughout India, South Asia, and Australia thanks to a 40-year license.
“Agilitas plans a multi-category offering in footwear, apparel, accessories, and sports equipment,” the company stated in a statement.
Abhishek Ganguly, cofounder, and CEO of Agilitas, told Inc42 that the business will produce Lotto shoes at the Noida facility of its newly acquired sportswear manufacturing brand Mochiko. He expects the items to hit the market in early 2025.
“Agilitas will invest in a dedicated management team to expand the Lotto brand through product development, design innovation, supply chain, branding, marketing, and distribution channels ” We want to create an agile product development cycle and supply chain that is vertically integrated from manufacturing to retail. This would allow us to respond swiftly to customer insights and the current trends in an agile and dynamic manner,” added Ganguly.
The business purchased the rights from Lotto’s parent company, WHP Global. Agilitas also said that it plans to make significant investments in production, design, R&D, supply chain, marketing, and distribution in the near future.
Agilitas will pursue an omnichannel strategy, distributing Lotto items through its own website, online marketplaces, and exclusive brand stores (EBOs), among other channels, in its first year of operation.
Margaret Kivett, senior vice president of WHP Global’s sports vertical, commented on the collaboration, saying, “Partnering with Agilitas Sports marks an exciting chapter for Lotto. We are excited to work with their innovative team to increase Lotto’s footprint in key worldwide countries, particularly soccer and racquet sports hotspots such as India and Australia.”
Ganguly told Inc42 that Agilitas intends to use Lotto’s brand value, numerous distribution channels, quality products, customer experience, and the startup’s vertically integrated manufacturing setup to carve out a place in the Indian sportswear industry.
He stated that the business intends to make additional brand acquisition announcements in the coming months, as well as launch new brands in 2025.
Agilitas was founded in 2023 by former Puma India executives Ganguly, Atul Bajaj, and Amit Prabhu. It operates in India’s rapidly increasing sportswear sector. It strives to be a complete footwear firm, from design to retail.
Investors such as Nexus Venture Partners and Convergent Finance have contributed INR 530 Cr to the project since May of last year. While it has yet to enter the consumer market, the sportswear company made inroads into the B2B area last year by acquiring India’s largest sports footwear producer, Mochiko Shoes, for an unknown sum.
Mochiko produces shoes for companies such as Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks, and US Polo in India.
Speaking about the transaction, Ganguly stated that Mochiko is expected to be worth INR 1,000 crore by fiscal year 2024-25 (FY25), based on current order book estimations. He expects the figure to double during the next four years.
This year, we’re wiring up the product while also strengthening the retail identity and marketing offer. It also takes time because we need to develop and manufacture the products, create retail store formats, and build the app and webshop from scratch.” Ganguly said:
The expanding Indian footwear and athleisure wear industry, driven by rising disposable incomes and a growing middle class, is central to Agilitas’ major expansion strategy. According to research, the domestic footwear market is expected to reach INR 1.91 lakh crore by FY28.
