Indian sports and athleisure company Agilitas Sports said on Friday it had acquired exclusive rights to design, manufacture, and distribute products of popular Italian sports brand Lotto across India and Australia, with plans to expand to South Africa soon.
Agilitas, headed by former Puma India Managing Director Abhishek Ganguly, will buy the brand license from New York investment firm WHP Global and aim to launch the Lotto products in India by early 2025.
The company, however, did not disclose the financial terms of the deal.
Last year, WHP Global had signed a license agreement with Germany's Fashioncenter GmbH to expand the Lotto brand in Central Europe.
An unprecedented boom in India's sports and athleisure market is luring foreign brands like Foot Locker to partner with local sportswear companies in a bid to secure a foothold in the growing market.
"As Agilitas Sports pursues profitable and sustainable growth, this collaboration is poised to make a significant impact on our business and the consumer markets under the license," said Ganguly, CEO of Agilitas Sports.
The company is also investing in research and development, supply chain, marketing and distribution in the near future, he said.
Agilitas, which is backed by venture capital firm Nexus Venture Partners, will distribute the Lotto branded products through its online channels and exclusive brand outlets.
