Myntra Acquires San Francisco-Based FITIQUETTE, Developer Of Virtual Fitting Room Technology
Online fashion and lifestyle products retailer Myntra has acquired San Francisco-based technology platform provider FITIQUETTE for an undisclosed sum.
“This acquisition will strengthen and expand Myntra’s technology platform and drive transformational change in online shopping space in India by providing world-class experience to its customers,” the company said in a statement today.
This is Myntra’s second recent acquisition in the U.S. The first, in November 2012, was of New York-based Exclusively.in, which powers the private label vertical, Sher Singh. In both cases, the financial terms were not disclosed.
The virtual dressing room developed by FITIQUETTE generates a virtual mannequin based on various body types to which users can adjust each specific measurement according to their body until it closely mirrors their own, the company said, adding that the technology enabled online shoppers to virtually ‘try before they buy’.
Mukesh Bansal, CEO & Co-founder, Myntra says “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.”
The FITIQUETTE team will be joining Myntra with Andy heading Myntra’s newly formed Innovation Labs in San Francisco.
Andy Pandharikar, CEO & Co-founder, FITIQUETTE says “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.”
[toggle title=”Press Release”]Myntra Acquires San Francisco Based ‘FITIQUETTE’
Myntra, India’s largest e-commerce platform for fashion and lifestyle products, today announced the acquisition of San Francisco based FITIQUETTE (TechCrunch Disrupt Finalist), a technology solution which is a one of a kind virtual fitting room.
FOR IMMEDIATE RELEASE
PRLog (Press Release) – Apr. 5, 2013 – Bangalore, April 5, 2013: Myntra, India’s largest e-commerce platform for fashion and lifestyle products, today announced the acquisition of San Francisco based FITIQUETTE (http://www.fitiquette.com/) (TechCrunch Disrupt Finalist (http://techcrunch.com/2012/09/10/fitiquette-online-clothi…)), a technology solution which is a one of a kind virtual fitting room. 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 world-class experience to its customers. Financial terms of the deal were not disclosed, except to note that the acquisition was part cash, part stock.
FITIQUETTE is the first virtual dressing room of its kind globally. This unique innovation generates a virtual mannequin based on various body types to which users can further adjust each specific measurement according to their body until it closely mirrors their own. This technology enables online shoppers to virtually ‘try before they buy’, providing an online shopping experience which is very similar to the offline model.
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 says “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 says “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.
This is Myntra’s second acquisition in a short span of four months. In November 2012, Myntra acquired Sher Singh (http://techcrunch.com/2012/11/08/indian-e-commerce-compan…), a global private label online brand specializing in sports-inspired lifestyle apparel for men and women and its New York based parent company Exclusively.in.
About Myntra.com:
Myntra.com is among the leading e-commerce platforms in India for fashion and lifestyle products. Myntra.com has partnered with over 500 leading fashion and lifestyle brands in the country such as Nike, Adidas, Puma, Lee, Levis, Arrow, Biba, FabIndia, Timberland, CAT, US Polo and the likes to offer a wide range in latest branded fashion and lifestyle wear. With the largest in-season product catalogue, 100% authentic products, cash on delivery and 30 day return policy, Myntra.com is today the preferred shopping destination in India.
Headquartered in Bangalore, Myntra was started by a group of IIT/IIM graduates in 2007. The company has been funded by top tier Venture Capital funds like Tiger Global, IndoUS, IDG and Accel Partners.
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