Myntra Acquires Lifestyle Label Shersingh
News has trickled in that Myntra.com, a formidable player in the fashion e-commerce space has just acquired Shersingh.com, another e-commerce player which operates in the lifestyle apparel space. The acquisition is a cash cum equity deal which will result in all Shersingh apparel being sold exclusively on Myntra and Shersingh.
The financial details of the acquisition have not been made public but we have come to know that Shersingh’s employees including the senior management guys will be integrated into Myntra. This move is explained by Myntra as a step towards strengthening its private label portfolio and operations. Also, since Shersingh has traction in the US and UK market, Myntra will also benefit as it will find a conduit to leverage this towards their benefit. Shersingh’s New York based design studio will be maintained by Myntra and will be a good listening post for global fashion trends which Myntra can then get to India.
Mukesh Bansal, Founder & CEO at Myntra.com spoke about their decision to acquire Shersingh.
“We are very excited about this acquisition. Sher Singh’s team has built one of the most innovative and trendy fashion brands which speaks to the global marketplace. We are very confident that this acquisition will significantly enhance Myntra’s fashion and design expertise”.
Sunjay Guleria, Co-Founder & CEO at SherSingh.com commented on the buyout.
“We couldn’t have asked for a better long-term fit than Myntra. As the leader in the fashion and lifestyle ecommerce space, Myntra will now expose Sher Singh’s award-winning designs and superior quality to millions of consumers in India and help us create long-term, sustainable brand equity. In addition, our combined merchandising expertise will ensure on-trend, global fashion at affordable prices”.
This acquisition seems to be a strategic fit for Myntra in these days where lifestyle apparel fashion e-commerce firms are popping up everywhere. Also, the global reach made possible by Shersingh is a major plus. This will help Myntra make its presence felt in the US and UK markets.
What are your thoughts on this acquisition? Share your thoughts with us.
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2012-11-08 14:00:20
Source: http://www.watblog.com/2012/11/08/myntra-acquires-lifestyle-label-shersingh/
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