Fashion Brand Styched Acquires Shark Tank India 2 Fame D2C Brand Flatheads Styched plans to incorporate its production-on-demand technology into the footwear category, enabling the expansion of Flatheads' existing collection
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An online fashion brand Styched, has announced its acquisition of Flatheads, a Direct-to-Customer (D2C) online casual sneaker startup that featured on Shark Tank India season 2. According to the company, the deal, structured as an all-equity transaction, marks Styched's foray into the footwear segment.
"We have been following Flatheads for quite some time, and I have personally interacted with Ganesh earlier. The acquisition opportunity came to us through a common investor, and we felt it would be a perfect deal for us considering we wanted to launch sneakers in a big way within Styched as well. The technical know-how of Flatheads would really help us create a wide range of affordable sneakers collection. So, while Styched will continue to play in the sub-1000 INR segment, the semi premium segment would have Flatheads as the flagship brand," said Soumajit Bhowmik, CEO, Styched.
In an official statement, the Bengaluru-based Styched, said that it will expand into the footwear sector with the acquisition of Flatheads. Leveraging their expertise in production, Styched plans to incorporate its production-on-demand technology into the footwear category, enabling the expansion of Flatheads' existing collection.
"The Flatheads-Styched deal gives new wings to our idea of creating unique footwear for the young Indian. Styched has changed the operating model of creating and delivering fashion, and I'm very excited to see Flatheads taking the next leap together. Young Indians are just starting to flaunt their sneakers as a new fashion and lifestyle statement. The market is evolving, and it will be a unique journey for the category, different from other parts of the world. It will be fulfilling to see Flatheads being an integral part of the market creation and growth," said Ganesh Balakrishnan, co-founder, Flatheads.
The statement also said that Styched reinforces its commitment to providing fashion-forward choices for the youth market, expanding its product range, and embracing innovation in the rapidly evolving fashion landscape with this acquisition. It further added that Flatheads will continue offering its existing range of products, with all departments now being operated and managed by Styched.
This development will be followed by an aggressive hiring phase aimed at strengthening the footwear department within Styched, ultimately elevating the overall offering, said the company.