Styched, an online youth fashion brand, has acquired a Direct-to-Customer (D2C) online casual sneaker start-up Flatheads, that gained fame post an appearance on Shark Tank India season 2. The financials of the deal were not disclosed.
“The deal, structured as an all-equity transaction, represents Styched’s foray into the footwear segment,” the company added.
Founded in 2018 by Ganesh Balakrishnan and Utkarsh Biradar, Bengaluru-based Flatheads specialises in designing all-day-wear casual sneakers for the urban audience. The company, which introduced bamboo fibre shoes, has raised funds from We Founder Circle, LetsVenture, and angel investors, among others.
Soumajit Bhowmik, CEO at Styched said, “We have been following Flatheads for quite some time, and I have personally interacted with Ganesh. The acquisition opportunity came to us through a common investor, and we felt it would be a perfect deal, considering we wanted to launch sneakers within Styched as well. Flatheads’ technical know-how would help us create an 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.”
Styched, also a Bengaluru-based company known as a production-on-demand fashion apparel brand, will incorporate similar technology into the footwear category, enabling the seamless expansion of Flatheads’ existing collection.
“The Flatheads-Styched deal gives new wing to our idea of creating unique footwear for the young Indian. Young Indians are just starting to flaunt their sneakers as a 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.” said Ganesh Balakrishnan, Co-Founder of Flatheads.
Initially, Flatheads will continue to offer its existing range of products, with all departments being operated and managed by Styched. This development will be followed by an aggressive hiring phase, aimed at strengthening the footwear department within Styched,