It targets Rs 500 crore of revenue by fiscal 2019. Sources said lawyers Gopika Pant, Kiran Desai and Kanika Premnarayen of Indian Law Partners advised on the deal. HRX's product range includes sports and training apparel, casual apparel, footwear and accessories for both men and women. MUMBAI: Myntra , the online fashion store owned by Flipkart, acquired a 51% stake in HRX , the lifestyle brand co-owned by Bollywood actor Hrithik Roshan and Exceed Entertainment, for an undisclosed amount, two people with direct knowledge of the deal said.Flipkart has also committed further investment in the brand for expansion in categories like inner ware and men's grooming, one of the people said.Roshan and Exceed Entertainment will now hold a 49% stake in HRX.HRX was started in 2012 and was exclusively licensed to Myntra in 2013.This strategic investment is a first of its kind in the industry, wherein a celebrity-incubated brand has aligned with a leading e-fashion retailer in an equity model.HRX is expected to close FY17 with gross revenue of Rs 200 crore, double that of last year.

Source: Economic Times August 11, 2016 22:41 UTC