Styched, the leading homegrown direct-to-customer (D2C) fashion and lifestyle brand, has once again taken the fashion industry by storm with its acquisition of Zymrat, an innovative performance wear brand. This strategic move builds upon Styched's earlier success with Flatheads, which garnered recognition through Shark Tank India Season 2.
The acquisition, facilitated through a cash and equity swap deal, includes the acquihire of Zymrat's leadership team, marking a significant milestone for both companies. While the specific financial details remain confidential, it is evident that this strategic partnership holds immense potential. At the time of acquisition, Zymrat boasted an impressive Annual Recurring Revenue (ARR) of 1 million USD, a testament to its strong market presence and growth trajectory.
Soumajit, the CEO of Styched, expressed his enthusiasm, stating, "Zymrat has established a reputation for quality and innovation, perfectly aligning with Styched's vision to democratize fashion on a global scale. Our decision to collaborate was swift, driven by the remarkable synergies we discovered between our teams and shared objectives."
Ujjawal Asthana, Co-Founder of Zymrat, echoed the sentiment, saying, "We are thrilled about this new phase in Zymrat's journey. Teaming up with the Styched family opens up exciting possibilities. We eagerly anticipate working closely together to introduce Zymrat to a global audience and continue our overarching vision of redefining athletic wear for athletes worldwide."
Under this acquisition, Zymrat will continue to operate under its existing banner, offering its established product range. With the backing of Styched, Zymrat will leverage production-on-demand technology to diversify its product portfolio and enhance accessibility by optimizing price points.
Styched will seamlessly manage all departments of Zymrat, with key team members from Zymrat actively contributing to the growth of the Styched Collective. This collective encompasses Styched, Styched Plus, Flatheads, and now Zymrat, positioning itself as a formidable player in the semi-premium segment, specializing in engineered sportswear and athleisure. The overarching vision is to establish a homegrown alternative to global giants like Lululemon and Under Armour. Additionally, Styched is gearing up to launch Zymrat in the United Arab Emirates and relaunch Flatheads in India by the end of October.
Durga, the COO of Styched, expressed her excitement about the acquisition, remarking, "I have long been an admirer of Zymrat's brand and apparel. I'm thrilled to be part of their growth journey and contribute to building the Styched Collective. This unified platform presents an exciting opportunity to combine our strengths, foster innovation, and offer exceptional fashion and performance wear to our valued customers worldwide."
Ankita Riva, Co-Founder of Zymrat, added to the excitement, stating, "This deal is not merely a transaction; it's a validation of our shared vision with Styched. We are enthusiastic about the limitless potential it brings. Our objective is to expand Zymrat's product offerings across diverse categories and price points for both men and women, delivering the finest in performance wear and athletic fashion to a diverse global clientele."
Crucially, Zymrat's existing shareholders, including founders Ujjawal and Ankita, prominent angel investors, and notable venture capital firms, will continue to play a pivotal role in shaping the brand's future endeavors.
This strategic acquisition by Styched underscores the brand's commitment to pushing boundaries, embracing innovation, and revolutionizing the fashion and performance wear landscape.
