Flipkart-owned Myntra has bought 51% stake in Bollywood actor Hrithik Roshan’s lifestyle brand HRX. Flipkart will further invest in the brand for expansion in inner-wear and menswear categories.
The move will allow HRX to leverage benefits exclusive to Myntra’s in-house brands such as technology and enhanced customer relations. It will also enable Myntra and Hrithik to build the brand through collaborative efforts.
Hrithik Roshan, co-owner HRX said, “The mission of our brand is to impact, transform and empower a billion people in their journey to be the best version of themselves. The new partnership with Myntra is a stride closer towards fulfilling this mission.”
Launched in 2012, HRX is a fitness lifestyle brand co-owned by Hrithik Roshan and Exceed Entertainment. HRX’s range of products include sportswear, footwear, casualwear, and accessories for both men and women.
Rajesh Narkar, Brand Director and VP, Myntra said,“Myntra has a sound understanding of consumer preferences and trends specific to various categories, including sportswear. With healthy lifestyles on the rise and customers increasingly looking for fashionable and functional active wear choices, we believe the strategic acquisition of a majority stake in HRX will help in propelling the brand to the forefront of the active lifestyle wear segment.”
HRX was exclusively licensed to Myntra in 2013. Following suite, Deepika Padukone also launched an online fashion store on Myntra called‘All About You‘. Myntra currently owns 12 private brands, the largest of them being Roadster.
Afsar Zaidi, co-founder of HRX said, “The entire collection sports vibrant colours and brings the latest active lifestyle fashion on par with global fashion trends. Women and footwear will be the new areas of focus with more fashion and function being an integral part of each line. Menswear will however continue to dominate the line up.”
HRX is expected to generate gross revenue of $29 Mn (INR 200 Cr) in 2016 and to go offline next year, according to an official statement. The revenues are expected to rise about $74 Mn (INR 500 Cr) by 2019.
As reported by Inc42 last month, the deal will facilitate Myntra to launch its offline stores, following the omni-channel strategy with private brands-Roadster, HRX, and All About You.
In February 2016, Paytm launched its omni-channel strategy. In October 2015, online marketplace Snapdeal launched its omni-channel platform named as ‘Janus.’ Startups like Lenskart, Firstcry have also opted for the omni-channel strategy to expand their reach and sales.
