Online fashion retailer, Myntra, along with Flipkart, its parent company, is planning to buy 5% minority stake in outdoor and sportswear company Wildcraft.
The deal is part of Myntra’s Brand Accelerator programme, launched last year. The company has previously bought stake in fashion brands like AKS and Chemistry.
“As part of this investment deal, Wildcraft products will exclusively be available online on all of Flipkart Group’s marketplaces,” said the representatives associated with the deal.
Myntra aims to devise omnichannel strategies where there could be an inventory integration similar to what it has done with brands like Mango.
However, Wildcraft refused to comment on the exact figures of the deal. Founded in 1998, Wildcraft primarily sells bags, shoes, jackets, tents, sleeping bags and hiking accesories.
The company is headquartered at Bangalore. According to its founders, Wildcraft managed to get sales worth ₹400 crore in the fiscal year 2016-17 and it aims to cross ₹500 crore this year.
“We have concrete plans of taking our business to ₹1,000 crore in retail sales by FY 2019-20,” said Gaurav Dublish , co-founder, Wildcraft.
This partnership is likely to boost Wildcraft’s business as it would become a preferred seller on Flipkart and its subsidiary ventures. Moreover, it can raise funds regularly.