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Myntra acquires 51% stake in HRX

Myntra acquires 51% stake in HRX- mybigplunge

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Myntra acquires 51% stake in HRX

According to latest reports, Flipkart owned online fashion store Myntra, has acquired a 51% stake in HRX, the lifestyle brand that is co-owned by Bollywood actor Hrithik Roshan and Exceed Entertainment.

The amount is undisclosed, says two people with direct knowledge of the deal.



Flipkart has also committed further investment in the brand for expansion in categories like inner wear and men’s grooming, one of the people said.

Hrithik Roshan and Exceed Entertainment will now hold a 49% stake in HRX. HRX was started in 2012 and was exclusively licensed to Myntra in 2013.

Touted as the first of its kind strategic investment in this industry, wherein a celebrity-incubated brand has aligned with a leading e-fashion retailer in an equity model.



HRX is expected to close FY17 with gross revenue of Rs 200 crore, double that of last year. It targets Rs 500 crore of revenue by fiscal 2019.

HRX’s product range includes sports and training apparel, casual apparel, footwear and accessories for both men and women. Sources said lawyers Gopika Pant, Kiran Desai and Kanika Premnarayen of Indian Law Partners advised on the deal.

 


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