Myntra, Indian eCommerce platform has acquired HRX, the fitness and sportswear brand co-owned by Bollywood superstar Hrithik Roshan and Exceed Entertainment. The deal was disclosed by a statement issued by Myntra. The financial details of the deal were not yet disclosed, however, a few sources close to the deal have quoted through economic times that Myntra has acquired around 51% stake in the brand and the deal will help the eCommerce company strengthen its private label business.
Speaking on the development, Hrithik Roshan, popular Bollywood figure and co-owner of the brand said that he has always been passionate about making change to the lives of people by making their mental and physical fitness better. He hopes that the latest collaboration will help make that change faster.
HRX was launched in November 2013 and it is operated under XS Brands Consultancy Pvt Ltd. The company sells its product under various categories including apparel, footwear, sports and casual wear for men and women. Last year, it reached a revenue milestone of INR 100 Cr and it is looking to double it in the coming financial year. It has also partnered with eCommerce platforms to sell the product.
Further talking on the development, Rajesh Narkar, VP at Myntra stated that the customers are looking for a lot of choices online and acquiring a majority stake in HRX will help Myntra present more premium choices in front of the buyers.
Last month, Myntra had paid around $70 million to buy out Jabong. The deal meant that Flipkart (parent company of Myntra) now controls over 70% of the Indian online fashion market. With the acquisition of a majority stake in HRX, the control will be even tighter.