Myntra has announced the acquisition of San Francisco-based FITIQUETTE. FITIQUETTE’s technology innovation aims at solving size and fit issues for online shoppers. This acquisition will strengthen and expand Myntra’s technology platform and drive transformational change in the online shopping space in India by providing good experience to its customers.
Financial terms of the deal were not disclosed, except to note that the acquisition was part cash, part stock.
With this acquisition, Myntra will have the ability to provide the best virtual solution to solve a perceived barrier of shopping online – finding the right fit and size. This acquisition demonstrates the strength and the rising trend of Indian companies going beyond their boundaries and acquiring international firms.
Mukesh Bansal, CEO & Co-Founder, Myntra, said, “Myntra aims to create the most compelling Fashion Shopping experience for Indian consumers at par or better than global standards. FITIQUETTE has developed pioneering technology for solving the Fit/Size problem online. This acquisition will not only help us improve the experience significantly, but will also enhance our technology team with addition of top tech talent from FITIQUETTE.”
Andy Pandharikar, CEO & Co-Founder, FITIQUETTE, said, “The Indian e-commerce industry is growing at breakneck speed and it is a great time to be a part of this journey. I am confident that FITIQUETTE’s powerful technology will benefit Myntra’s vision of providing world-class solutions to online shoppers across the country.”
The FITIQUETTE team will be joining Myntra with Andy heading Myntra's newly-formed Innovation Labs in San Francisco.
