Myntra acquires stake in Hrithik’s brand HRX
Bengaluru, Aug 12 (IANS) Leading e-tailer Flipkart’s fashion and lifestyle products’ subsidiary Myntra on Friday announced that it has acquired a majority stake in HRX, the active lifestyle brand co-owned by Bollywood actor Hrithik Roshan and Exceed Entertainment.
This move is a bid to further strengthen Myntra’s private brands business.
HRX, one of the first home grown Indian active lifestyle brands, 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, read a statement.
The move will enable the brand to leverage certain benefits exclusive to Myntra’s in-house brands, leveraging technology to provide better consumer experience and access to data on consumer preferences.
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.
Hrithik, who is excited about his film “Mohenjo Daro”, is happy with the association.
He 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 have 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 Vice President, Myntra Fashion Brands, also said: “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.”