Friday, August 12, 2016

Flipkart owned Myntra acquires majority stake in Hrithik Roshan’s brand HRX

Flipkart owned Myntra today announced acquisition of a majority stake in HRX, the active lifestyle brand co-owned by Bollywood actor, Hrithik Roshan and Exceed Entertainment. This move is in the bid to further strengthen Myntra’s successful private brands business.

HRX, one of the first home grown Indian active lifestyle brand, was incepted in 2012 and was exclusively licensed to Myntra in 2013. Since then, HRX has been one of the top selling brands on Myntra. This strategic investment is a first of its kind in the industry, wherein a celebrity incubated brand has aligned with the country’s leading e-fashion retailer in an equity model.

The move will enable the popular HRX brand to leverage certain benefits exclusive to Myntra’s in-house brands, leveraging technology to provide better consumer experience, access to data on consumer preferences etc. It also lays down the structure to build the brand through collaborative efforts, of both Myntra and Hrithik to offer products and experiences for the brand’s enthusiasts. HRX is on track to double its revenues to Rs.200 crore in the current financial year and is gearing up to go offline in the next financial year.

Speaking on the occasion, leading Bollywood Actor and the Inspiration behind HRX, Hrithik Roshan 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. I’ve always been passionate about physical and mental fitness and the changes it brings to everyone’s life, and this collaboration is a big positive step we have taken towards the change”

Rajesh Narkar, Brand Director and VP, Myntra Fashion Brands said, “Myntra has a sound understanding of consumer preferences and trends specific to various categories, including sportswear. This is made possible by a strong technology platform that gives us a clear perspective on the consumption of fashion in the country. Our brands greatly benefit from such insights and brands looking at partnering with us have the advantage of achieving greater scale in a short span of time. 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.”

Afsar Zaidi, Founder, Exceed Entertainment and Co-Founder of HRX with Sid Shah said, “HRX is a perfect example of building long term IP and creating a legacy around a celebrity’s core values and stardom. Our association with Myntra has been very fruitful and it is now time to leverage this new partnership and use it as a launch pad to propel itself to the league of the top active lifestyle brands in the country.

HRX combines fashion and fitness with inspiration drawn from the actor himself. The range includes sports and training apparel, casual apparel, footwear and accessories for both men and women. 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. 

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