Myntra acquires San Francisco-based FITIQUETTE
Online fashion and lifestyle products retailer Myntra on Friday said it has acquired San Francisco based technology platform provider FITIQUETTE for an undisclosed sum.
New Delhi: Online fashion and lifestyle products retailer Myntra on Friday said it 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 the online shopping space in India by providing world-class experience to its customers," the company said in a statement.
FITIQUETTE's technology innovation aims at solving size and fit issues for online shoppers.
While the company did not disclosed the financial details of the deal, it said "the acquisition was part cash, part stock".
Commenting on the acquisition, Myntra CEO & Co-founder Mukesh Bansal said: "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 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'.
FITIQUETTE CEO & Co-founder Andy Pandharikar said the acquisition 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, the company added.
This is Myntra's second acquisition in four months. In November 2012, it acquired Sher Singh, a global private label online brand specialising in sports-inspired lifestyle apparel for men and women and its New York-based parent company Exclusively.In.