Styched, an online youth fashion brand, announced its acquisition of Shark Tank fame Flatheads, a D2C online casual sneaker startup, as part of its expansion into the footwear sector.
The fashion brand aims to utilise its production-on-demand technology to enhance Flatheads’ existing collection and establish a presence in the footwear market, informed an official statement.
Commenting on the acquisition, Soumajit Bhowmik, CEO at Styched, said, “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.”
“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 of Flatheads.
Initially, 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 hiring phase aimed at strengthening the footwear department within Styched.
