Flipkart Owned Myntra Acquires 51% Stake in ‘HRX’
Flipkart-owned Myntra has acquired majority stake in HRX, the active lifestyle brand co-owned by Bollywood actor Hrithik Roshan, and Exceed Entertainment.
The company did not disclose the quantum of stake acquired as well as cost of the acquisition.
In an emailed statement, it said: "Myntra has bought stakes from Hrithik and Exceed. Both Hrithik and Exceed will continue to be shareholders in HRX."
This move is in a bid to further strengthen Myntra's successful private brands business, it added.
HRX, one of the first homegrown Indian active lifestyle brand incepted in 2012, was exclusively licensed to Myntra in 2013, and has been one of the top selling brands on Myntra since then.
HRX is on track to double its revenues to Rs 200 crore in the current financial year and is ...