Online fashion retailer Myntra acquires US-based Fitiquette

Financial details of the deal were not disclosed, however, the company said acquisition was part cash, part stock

Bangalore-based fashion and lifestyle ecommerce portal Myntra has acquired US-based Fitiquette, a company which is developing virtual fitting rooms.

The financial details of the deal were not disclosed, however, the company said the acquisition was part cash, part stock.
 
This is the second acquisition by Myntra within a period of six months. Earlier, in November last year the Bangalore-based company had acquired Sher Singh and its New York-based parent company Exclusively.in.

Mukesh Bansal, CEO & co-founder, Myntra said: “Myntra aims to create the most compelling fashion shopping experience for Indian consumers at par or better than global standards. Fitiquette has developed pioneering technology for solving the fit/size problem online. This acquisition will not only help us improve the experience significantly, but will also enhance our technology team with addition of top tech talent.”

As part of the acquisition, Fitiquette team will be joining Myntra with Andy Pandharikar, CEO & Co-founder of Fitiquette will have Myntra's newly formed Innovation Labs in San Francisco.

With this acquisition, Myntra will have the ability to provide the best virtual solution to solve a perceived barrier of shopping online—finding the right fit and size.

"This acquisition demonstrates the strength and the rising trend of Indian companies going beyond their boundaries and acquiring international firms," the company said.

Myntra, founded by a group of IIT/IIM graduates in 2007, is expecting a revenue of Rs 1,000 for year-ending 2013-14. The company has also received funding from venture capital funds like Tiger Global, IndoUS, IDG and Accel Partners.

Of late, the e-commerce industry has seen a series of acquisitions. BookMyShow acquired Chennai-based Entertainment Ticketing Site Ticketgreen.com, Flipkart acquired electronics retailer Letsbuy for $25 million, Bangalore-based online fashion retailer Zovi has acquired rival firm Inkfruit are some of the deals in the space.