Myntra acquires San Francisco based ‘FITIQUETTE’ in a part cash, part stock deal
Myntra, an Indian e-commerce platform for fashion and lifestyle products, today announced the acquisition of San Francisco based FITIQUETTE. Fitquette is a technology solution which is a virtual fitting room. FITIQUETTE’s technology innovation aims at solving size and fit issues for online shoppers. This acquisition will strengthen and expand Myntra’s technology platform and drive transformational change in the online shopping space in India by providing world-class experience to its customers. Financial terms of the deal were not disclosed, except to note that the acquisition was part cash, part stock.
FITIQUETTE’s innovation generates a virtual mannequin based on various body types to which users can further adjust each specific measurement according to their body until it closely mirrors their own. This technology enables online shoppers to virtually ‘try before they buy’, providing an online shopping experience which is very similar to the offline model.
With this acquisition, Myntra will have the ability to provide a better virtual solution to solve a perceived barrier of shopping online – finding the right fit and size. Mukesh Bansal, CEO & Co-founder, Myntra said that this acquisition will not only help us improve the experience significantly, but will also enhance our technology team with addition of top tech talent.
Andy Pandharikar is the CEO and founder of FITIQUETTE and the team will be joining Myntra with Andy heading Myntra’s newly formed Innovation Labs in San Francisco.
This is Myntra’s second acquisition in a short span of four months. In November 2012, Myntra acquired Sher Singh, a global private label online brand specializing in sports-inspired lifestyle apparel for men and women and its New York based parent company Exclusively.in.