D2C online casual sneaker firm Flatheads has been acquired by an online fashion brand called Styched. This deal will represent Styched’s entry into the footwear market.
Styched would acquire Flatheads in order to enter the footwear market. Styched intends to implement its manufacturing-on-demand platform in the footwear industry, using their production know-how and allowing Flatheads to expand their current range, as reported by Entrepreneur.com
“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.
“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.
Styched was founded in 2019. Styched is a popular, global brand of affordable youth fashion. They democratize fashion by developing a constantly changing inventory of limitless designs at previously unheard-of prices.