Myntra Acquires SherSingh.com in a Cash Cum Equity Deal; Management Team to Be Absorbed
Myntra.com, the Indian ecommerce player for fashion and lifestyle products has acquired SherSingh.com, 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.Launched in 2011 by Exclusively.in Inc, India’s leading boutique ethnic wear portal (www.Exclusively.in) for the US and UK, Sher Singh has Indian cricket superstar Zaheer Khan and Supermodel and Bollywood actress Lisa Haydon as its brand ambassadors.
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.
Mukesh Bansal, Founder & CEO at 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 speaks to the global marketplace. We are very confident that this acquisition will significantly enhance Myntra’s fashion and design expertise”. [Take a Tour Of the Myntra Workplace]
Sunjay Guleria, Co-Founder & CEO at SherSingh.com added – “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”.