Myntra to buy Hrithik Roshan’s HRX brand
Online fashion retailer Myntra is in the process of buying a majority stake in popular film star Hrithik Roshan’s home-grown premium sports and lifestyle brand HRX.
The transaction is likely to be completed over the next few weeks, according to a report in LiveMint, which quoted a senior official of the e-retailer but did not mention the financial terms of the deal.
Launched in late 2013, HRX is a sports and lifestyle brand that is sold on Myntra and Flipkart. Apart from clothing and shoes, its products include belts, backpacks and wallets.
HRX will bring in sales of Rs.300 crore this financial year, up from Rs.100 crore last year, Rajesh Narkar, vice-president, Myntra Fashion Brands said observing that the deal would add an “attractive sportswear and lifestyle” brand in the on-line store’s private brands collection.
Indians are looking to become healthier, more active and want more choice. Apart from 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,” Narkar said.
HRX will 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 casualwear offering.
HRX plans to expand to offline stores in India this year, Kamal Punwani, chief financial officer at Exceed Entertainment, which owns the rights to HRX along with Hritik Roshan, said. It also has plans to expand to countries in West Asia sometime this year.