51% in Hrithik Roshan's lifestyle brand HRX is now bought by Myntra
August 12th, 2016. RedNewswire/-
Myntra, a well known online fashion store which is owned by Flipkart acquired 51% stake in a lifestyle brand named HRX, which is co-owned by a famous Bollywood actor Hrithik Roshan & Exceed Entertainment.
The amount at which Myntra acquired is undisclosed reported by the two people with direct knowledge of the deal. Hrithik & Exceed Entertainment will now hold 49% stake in HRX.
Flipkart has promised further investment in HRX for its brand expansion in the categories like inner-wear and men's grooming.
The company HRX was started in 2012 and then was licensed to Myntra in 2013.
HRX is required to close FY17 with gross income of Rs 200 crore, twofold that of a year ago. It targets Rs 500 crore of income by monetary 2019.
HRX's item run incorporates games and preparing attire, easygoing clothing, footwear and adornments for both men and ladies. Sources said legal counselors Gopika Pant, Kiran Desai and Kanika Premnarayen of Indian Law Partners prompted on the arrangement.