E-commerce commerce apparels biggie has acquired Wit works, which is a Bengaluru based start-up. The amount is still undisclosed. It is undisclosed for a reason like the one as the online retail firm has looked to diversify and look for the markets in the other categories.
At the same time, it is investing heavily in different technologies such as Artificial intelligence.
WHAT DOES THIS DEAL MEAN FOR MYNTRA?
This deal allows Myntra to enter the wearables industry, as it plans to expand the beyond the apparels and the core fashion category, jewellery and sales and grow the sales.
What are the earlier acquisitions of Myntra?
MYNTRA so far has acquired at least a dozen acquisitions since the past 5 years which are like those of Jabong which was brought at an attractive deal of around 70 million dollars.
What is Wit work?
Wit works is an innovation lab which was launched by IIT Kharagpur graduates in the year 2014.In the year 2016 it developed its new and improved device called Blink Watch which was based on a voice-based platform.
What is the wearable industry?
The wearable industry is a Rs. 300 crore industry and is on path of the fastest growing pace soon and is expected to reach an online contribution of 60%.
This kind of acquisition will help launch cutting edge technology wearable and provide new and improved methods of technology and develop wearable products such as smart shoes, connected smart watches, intelligent clothing with bio-sensors.
Myntra also has a number of in-house brands such as Roadster,Dressberry,Anouk also.
Myntra is also foraying into the digital segment by bringing their own ad on YouTube such as Myntra TV. The entire move has been due to the increasing focus on sales and expanding its resources to turn it profitable.