New Delhi, Aug 12: Flipkart-owned Myntra has acquired majority stake in HRX, the active lifestyle brand co-owned by Bollywood actor Hrithik Roshan, and Exceed Entertainment.
The company did not disclose the quantum of stake acquired as well as cost of the acquisition.
In an emailed statement, it said: "Myntra has bought stakes from Hrithik and Exceed. Both Hrithik and Exceed will continue to be shareholders in HRX."
This move is in a bid to further strengthen Myntra's successful private brands business, it added. HRX, one of the first homegrown Indian active lifestyle brand incepted in 2012, was exclusively licensed to Myntra in 2013, and has been one of the top selling brands on Myntra since then.
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, the release said. 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."
HRX's range includes sports and training apparel, casual apparel, footwear and accessories for both men and women.