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Myntra Acquires Lifestyle Apparel Firm SherSingh
Myntra.com an online apparal and lifestyle product portal acquires lifestyle apparel firm SherSingh.com.
SherSingh as a famous online apparel brand was launched in 2011 by Exclusively.in and the company office have presence in New Delhi and New York. If we talk about Myntra an online, which is well known brand in online industry has been raised $20 million in Febraury 2012 from venture capital firm Tiger Global. Due to this acquisition, SherSing’s employees and senior management team will absorbed into Myntra and contributes towards Myntra’s private label portfolio. It will leverage Sher Singh’s private label which is presence in US market and moreover maintain its New York design studio to get more benefit from this city.
According to Mukesh Bansal, Founder and CEO of Myntra.com said that they are excited for this acquisition because it has built most innovative and trendy fashion brand which is present in global market place. He also said that they are confident due to this acquisition enhance Myntra’s fashion and design expertise and increase more traffic to their site.
As par Snajay Guleria, Co-Founder and CEO of SharSingh.com quote that Myntra.com as the online leader in fashion and lifestyle products will now take Sher Singh’s unique and award winning design to top level and expose to the millions of consumers in India. He also said this acquisition helps them to create long term sustainable brand equity.