Myntra.com, one of the leading ecommerce players for fashion and lifestyle products has acquired SherSingh.com, the global private label online brand catering 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.
With this acquisition, Sher Singh’s senior management team along with its employees will be absorbed into Myntra and will contribute towards strengthening Myntra’s private label portfolio. Myntra will leverage Sher Singh’s fashion and design expertise to strengthen its private label and presence in the US market. Myntra 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.
Speaking about the acquisition, Mukesh Bansal, CEO & Founder, Myntra.com said, “We are very excited about this acquisition. Sher Singh’s team has built one of the most innovative and trendy fashion brands which speak to the global marketplace. We are very confident that this acquisition will significantly enhance Myntra’s fashion and design expertise”.
SherSingh.com raised Series B of USD 16 Mn in May 2011 led by Tiger Global Management, with participation from existing investors. Prior investment included USD 2.8 mn by Accel & Helion ventures. SherSingh has Indian cricket superstar Zaheer Khan and Supermodel and Bollywood actress Lisa Haydon as its brand ambassadors.
Myntra.com is among the leading e-commerce platforms in India for fashion and lifestyle products. Myntra has tied up with over 500 leading fashion and lifestyle brands in the country and is targeting the revenues of INR 500 Cr in next fiscal year.