Singapore-headquartered direct-to-customer (D2C) fashion and lifestyle brand Styched acquired the sneaker brand Flatheads featured in Shark Tank India Season 2. The mixed cash and equity deal will assist Flatheads with the cash payout to fund inventory, pay off vendor debts, and meet other financial commitments.
“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.
With the acquisition of Flatheads, the company announced in a statement that it would expand into the footwear sector. By utilizing its production know-how, Styched plans to integrate its production-on-demand technology into the footwear market, allowing Flatheads to expand its 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.
According to the statement, this acquisition supports Styched’s commitment to offering fashion-forward choices for the youth market, growing its product line, and embracing innovation in the rapidly changing fashion industry. Additionally, it stated that Flatheads would keep selling its current line of products despite Styched now operating and overseeing all departments.
According to the company, this development will be followed by an aggressive hiring phase to enhance Styched’s footwear division and ultimately improve the overall offering.
