The apparel world is abuzz with the new 'athleisure' trend, which refers to stylish gym clothes that can be worn for athletic as well as leisurely pursuits. Online fashion house Myntra seems set on defying the e-commerce slump by acquiring a big stake in Hrithik Roshan's active lifestyle brand HRX, the Mintreported.
HRX is currently backed by Exceed Entertainment, and sports an 'atheleisure' and an active-wear line of clothing that includes 'compression tees', sweatshirts and tracksuits. HRX sells online via Myntra and Flipkart and might be looking to open retail outlets in India this year with plans to expand internationally, Kamal Punwani, chief financial officer at Exceed Entertainment, told Mint.
Myntra has been looking to expand its private brands, which make up a third of its business. This deal will give it a foothold in the active lifestyle segment, which is growing on the back of the sporty lifestyle trend.
The deal ties in well with Myntra's plans to expand beyond online stores and open a physical store with its private brands in the coming months. Myntra CEO Ananth Narayanan told the Economic Times that the company is looking to open its first store in Bengaluru or New Delhi in the next few months. The stores will house private brands as well as serve customers for any merchandise returns, he said.
"We are exploring omni-channel. We should be able to create a physical store in the next three months," Narayanan said, noting that the company's private brands include HRX, Roadster and All About You.
HRX's sales are expected to triple this year to ₹300 crores from last year, Rajesh Narkar, vice-president, Myntra Fashion Brands, told Mint.