E-commerce fashion brand Styched has acquired D2C casual sneaker startup Flatheads in an all-equity transaction, the company announced on Monday.
While Flatheads will continue offering its existing range of products, Styched will take charge of its operations and hire “aggressively” for strengthening the footwear department within Styched, the statement said. Flatheads co-founder Ganesh Balakrishnan said, “Young Indians are just starting to flaunt their sneakers as a new fashion and lifestyle statement. It will be fulfilling to see Flatheads being an integral part of the market creation and growth.”
Founded in 2018, the Bengaluru-based brand has previously raised funds from We Founder Circle, LetsVenture, and other angel investors. Styched CEO Soumajit Bhowmik shared that the acquisition will propel their plans to launch sneakers and create an affordable collection with Flatheads spearheading their semi-premium segment. “The technical know-how of Flatheads would really help us create a wide range of affordable sneakers collection. So, while Styched will continue to play in the sub-1000 INR segment, the semi-premium segment would have Flatheads as the flagship brand,” he said.