The deal, structured as an all-equity transaction, represents Styched’s foray into the footwear segment
Mumbai: Styched, an online youth fashion brand, has acquired Flatheads, a direct-to-customer (D2C) online casual sneaker startup that gained fame on Shark Tank India season 2, the company announced in a press release. The deal, structured as an all-equity transaction, represents Styched’s foray into the footwear segment.
On the acquisition Soumajit Bhowmik, chief executive officer, Styched affirmed, “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 Rs segment, the semi-premium segment would have Flatheads as the flagship brand.”
Ganesh Balakrishnan, co-founder, Flatheads said, “Styched has changed the operating model of creating and delivering fashion, and I’m very excited to see Flatheads taking the next leap together. The market is evolving, and it will be a unique journey for the category, different from other parts of the world.”
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 aggressive hiring phase aimed at strengthening the footwear department within Styched, ultimately elevating the overall offering. Styched plans to incorporate its production-on-demand technology into the footwear category, enabling the seamless expansion of Flatheads’ existing collection.
Founded in 2018 by Ganesh Balakrishnan and Utkarsh Biradar Bangalore-based Flatheads is an innovative D2C brand specializing in designing all-day wear casual sneakers for the urban audience. It raised funds from We Founder Circle, LetsVenture, and angel investors, among others.
Bengaluru-based Styched, a fashion apparel brand, was started by fashion enthusiasts, Soumajit Bhowmik, Durga Madhab Dash and Joseph Sony in 2019. They have been in the fashion e-commerce business for most of their career and have been part of IIT Kharagpur and ISB (Indian School of Business) graduates by education.
