Online retailer Myntra acquires private label SherSingh and Exclusively
Online retailer Myntra.com has acquired SherSingh, the private label online brand specializing in sports-inspired lifestyle apparel for men and women. As part of the cash cum equity deal, the Sher Singh brand of products will now be exclusively sold on Myntra.com and shersingh.com. The deal size was not disclosed.
Update: The company has also acquired Exclusively.in, a boutique ethnic wear portal which launched the Sher Singh brand in 2011. Sher Singh has Indian cricket superstar Zaheer Khan and Supermodel and Bollywood actress Lisa Haydon as its brand ambassadors (Zaheer Khan is an investor too).
With this acquisition, Sher Singh’s senior management team along with its employees will be absorbed into Myntra, the company said. Myntra will lean on Sher Singh’s fashion and design expertise to strengthen its private label and presence in the US market. The retailer will also maintain Sher Singh’s New York design studio to tap into the latest trends from one of the world’s leading fashion capitals.
The company has offices in New Delhi and New York and has created the Cricket-inspired lifestyle apparel brand with its signature “INDIA” polo worn by Cricket heroes such as Sachin Tendulkar, Zaheer Khan, MS Dhoni, and Harbhajan Singh.
Overall, the company founded by Mukesh Bansal has raised nearly $40 million from top tier venture capitalists. Myntra secured $20 million funding in a round led by Tiger global in February this year and has set a target of Rs500 crore in revenues for the FY2012-13. The company had earlier raised $14mn in November and $5 million from NEA- IUV, IDG Ventures and Accel in 2008.
Recommended Read: Why Indian etailers are bullish about private labels.