Youth fashion startup Styched has made a strategic move to establish itself as a significant player in the fashion industry by acquiring online casual sneaker startup Flatheads. Flatheads gained recognition through its appearance on Shark Tank India. The acquisition aims to leverage the strengths of both companies and enhance their offerings.
Flatheads’ Specialization in Casual Sneakers
Founded in 2018 by Ganesh Balakrishnan and Utkarsh Biradar, Flatheads, based in Bengaluru, specializes in manufacturing all-day casual sneakers tailored for the urban population. The company has carved a niche for itself in the market with its range of comfortable and stylish sneakers.
Styched – Zero Wastage Model
Launched in 2019, Styched operates on a zero wastage, zero inventory, and zero warehouse model. The startup, founded by Soumajit Bhowmik, focuses on sustainable fashion practices and aims to reduce waste and environmental impact.
Styched Integration and Expansion Plans
Under the acquisition agreement, Flatheads will initially offer its existing product line through Styched’s platform. Over time, Styched will take over operations and develop a dedicated team to further enhance and expand the sneaker offerings. The integration of Flatheads’ expertise with Styched’s resources is expected to result in a wide range of affordable sneaker collections.
Growth Opportunities and Funding Background
Ganesh Balakrishnan, co-founder of Flatheads, emphasized the unique journey and market creation that lies ahead. He believes that Flatheads’ inclusion in this process will contribute to the growth of the sneaker category.
Soumajit Bhowmik, CEO of Styched, expressed excitement about the acquisition opportunity, which arose through a common investor. Bhowmik stated that Flatheads’ technical know-how will be instrumental in creating a diverse range of affordable sneakers. While Styched will continue to focus on the sub-INR 1000 segment, Flatheads will serve as the flagship brand in the semi-premium segment.
Flatheads had previously raised funding from television anchor and cricket presenter Gaurav Kapur, who also became the brand ambassador. The company introduced bamboo fibre shoes, catering to the unique requirements of the Indian climate. The D2C industry has witnessed several acquisition deals and investment announcements, indicating the sector’s growth and potential.
