In a statement by Myntra, the Flipkart-owned company has acquired majority stake in HRX, the active lifestyle brand co-owned by Bollywood actor Hrithik Roshan, and Exceed Entertainment.
While the financial details of the transaction are not disclosed, sources familiar with the development said Myntra acquired a 51% stake.
In an emailed statement, Myntra said: “Myntra has bought stakes from Hrithik and Exceed. Both Hrithik and Exceed will continue to be shareholders in HRX.”
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, read a statement.
The move will enable the 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 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,” Bollywood actor Hrithik Roshan said.
Speaking on the occasion, Myntra Fashion Brands VP and brand director Rajesh Narkar said, “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.”