Myntra.com, one of India’s leading e-tailer for fashion and lifestyle products has acquired SherSingh.com, a sports inspired apparel brand. All the products within the Sher Singh brand will now be exclusively sold on Myntra.com and SherSingh.com post the cash cum equity deal.
"We are very excited about this acquisition. Sher Singh’s team has built one of the most innovative and trendy fashion brands which speaks to the global marketplace. We are very confident that this acquisition will significantly enhance Myntra’s fashion and design expertise" said Mukesh Bansal, Founder & CEO, Myntra.com.
The acquisition will see Sher Singh’s employees and senior management absorbed into Myntra. Sher Singh’s presence in the US market including a design studio in New York will be leveraged by the Indian e-commerce player.
Headquartered in Bangalore, Myntra.com was founded in 2007 by a group of ex-IITians Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena. The company has received funding from established venture capital firms including Accel Partners and Tiger Global Management. Myntra.com was voted Hottest Internet Companies of the Year 2011-12 by CNBC-TV18 Young Turks Awards.
Since its launch Myntra.com has made its way into the online retail domain by attracting audiences and consumers via targeted ads and a presence on social media. According to comScore and industry body ASSOCHAM’s State of e-commerce in India report, Myntra.com is amongst the top 5 retail portals in India after Flipkart, Snapdeal and Jabong. The website had approximately 53 lakh unique visitors in July 2012. Favorably for the e-tailer, the report also predicts Apparel to be the fastest growing segment in online retail.
The brand Sher Singh is distinctly known for its sports inspired lifestyle apparel. According to its website the brand ‘celebrates the intrinsic style, natural elegance, rich heritage and enduring spirit of the bygone eras of the Gentleman’s Game of Cricket in its premium quality clothing and accessories’.
Sher Singh was launched in 2011 by Exclusively.in and has been promoted by brand ambassador cum investor Zaheer Khan. The company has offices in New Delhi and New York. "Now, with the acquisition by Myntra, we will be able to bring our Cricket-inspired lifestyle collections to a much broader audience" said the Indian pace bowler in a statement issued by Myntra.com. Model and actress Lisa Haydon is also a promoter of the brand and will soon be launching ‘Lisa for Sher Singh’ together with Myntra.
"Myntra will now expose Sher Singh’s award-winning designs and superior quality to millions of consumers in India and help us create long-term, sustainable brand equity" added Sunjay Guleria, Founder & CEO, Sher Singh.