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Myntra to purchase majority stake in Hrithik Roshan’s HRX apparel brand
MUMBAI: Myntra, the online fashion retailer, is all set to purchase a majority state in Bollywood actor Hrithik Roshan’s HRX brand of clothing and shoes from Exceed Entertainment.
The transaction will close over the next few weeks, Mint reported.
Launched in late 2013, HRX is a sports and lifestyle brand under which clothing and shoes, besides belts, backpacks and wallets are sold on Myntra and Flipkart.
HRX will soon become part of Myntra’s growing portfolio of private brands. The company, which is owned by Flipkart, now owns 12 private brands, including HRX. Its largest private brand is Roadster, a casual wear offering.
In FY17, HRX is expected to bring in sales worth Rs 300 crore, which is up from Rs 100 crore worth of sales last year, the business daily reported.
“This deal will add an attractive sportswear and lifestyle brand in our private brands collection. Leaving aside a few international sports brands, there’s a lack of choice for consumers in sportswear and lifestyle and there’s massive scope to build a large brand in this segment. Buying an equity stake in HRX will align our vision with HRX’s over the long term,” Myntra Fashion Brands VP Rajesh Narkar told Mint.
HRX is expected to gain access to Myntra’s analytics, customer preference data and more marketing power after the stake sale.