Youth fashion company Styched has strategically acquired casual sneaker startup Flatheads with the goal of solidifying its position, as a player in the fashion industry. Flatheads is known for its expertise, in sneakers while Styched operates with a unique approach that eliminates waste, inventory, and warehousing. This acquisition will bolster Styched’s sneaker collection. Broaden its reach in the market.
In a surprising move, youth fashion startup Styched has recently acquired the popular online casual sneaker startup, Flatheads. The acquisition is seen as a strategic maneuver by Styched to solidify its position in the competitive fashion industry.
Flatheads, founded in 2018 by Ganesh Balakrishnan and Utkarsh Biradar, is based in Bengaluru and specializes in manufacturing stylish and comfortable casual sneakers for urban dwellers.
On the other hand, Styched, established in 2019 by Soumajit Bhowmik, prides itself on its innovative business model that involves zero wastage, zero inventory, and zero warehousing.
As part of the acquisition agreement, Flatheads will initially continue offering its existing product range through Styched. However, over time, Styched will gradually take over by assembling a dedicated team to enhance its sneaker offerings.
Expressing his thoughts on the acquisition, co-founder Balakrishnan stated, “The market is undergoing a transformation, and our journey in this category will be distinct from other regions worldwide. It will be truly fulfilling to witness Flatheads playing an integral role in market creation and growth.”
Adding to this, Styched CEO Soumajit Bhowmik commented, “The opportunity for the acquisition came to our attention through a mutual investor, and we believe it is a perfect deal for us, particularly as we aim to make a strong foray into the sneaker market within Styched.”
Bhowmik further emphasized that Flatheads’ technical expertise would greatly contribute to the development of an extensive and affordable sneaker collection. As Styched continues to cater to the sub-INR 1000 segment, Flatheads will emerge as the flagship brand in the semi-premium segment.
Last year, Flatheads secured funding from renowned television anchor and cricket presenter Gaurav Kapur, who also became the brand ambassador. The company had plans to launch consecutive digital campaigns featuring Kapur to gain significant visibility across social media platforms.
Previously, Flatheads had successfully raised $1 million in funding from investors such as We Founder Circle, LetsVenture, and several angel investors. It prides itself on being the first sneaker brand to introduce bamboo fiber shoes, tailored to the unique requirements of India’s tropical climate.
In the wake of the pandemic, the direct-to-consumer (D2C) industry has been witnessing a flurry of acquisition deals and investment announcements. For instance, on July 5, silver jewelry startup Giva secured INR 270 crore in Series B funding led by Premji Invest.
On the same day, D2C denim brand Freakins also announced raising $4 million in its seed funding round, with leading investments from Matrix Partners India and Blume Ventures.
