Direct-to-customer (D2C) fashion and lifestyle brand Styched has successfully acquired Zymrat, an innovative performance wear brand. This strategic move marks Styched’s second acquisition, following its earlier success with Flatheads.
The acquisition was sealed through a cash and equity swap deal, alongside an acquihire of the talented Zymrat team. While the exact financial details remain undisclosed, it signifies a major milestone for both companies. At the time of acquisition, Zymrat boasted an impressive Annual Recurring Revenue (ARR) of 1 million USD, reflecting its strong market presence and potential for growth.
Soumajit Bhowmik, CEO of Styched, said on the acquisition, “Zymrat has created a brand known for quality and innovation, aligning perfectly with Styched’s vision to democratize fashion globally. Our decision to join forces was swift, driven by the strong synergies we discovered between our teams and our shared goals.”
Ujjawal Asthana, Co-Founder of Zymrat, added to this saying, “We are absolutely thrilled about this new phase in Zymrat’s journey. Joining forces with the Styched team opens up exciting possibilities for us. We eagerly anticipate working closely together to take Zymrat to a global audience and continue towards our larger vision, which is to redefine athletic wear for athletes around the world.”
The acquisition preserves the legacy of Zymrat, allowing it to continue operating under the same banner, offering its existing and new range of products. Under Styched’s guidance, Zymrat will harness the power of production-on-demand technology to expand its product line and make its high-quality products accessible to a wider audience by reducing price points.
All departments of Zymrat will also be seamlessly operated and managed by Styched and the key Zymrat team members who have joined Styched will actively contribute to the growth of the Styched Collective.
This collective will encompass Styched, Styched Plus, Flatheads, and Zymrat, positioning itself as a formidable player in the semi-premium, engineered sportswear, and athleisure market. The overarching vision is to establish a homegrown alternative to global giants like Lululemon and Under Armour. In addition, Styched – which is headquartered in Singapore – is already gearing up to launch Zymrat in the UAE and relaunch Flatheads in India on October 20, 2023.
Durga D., COO of Styched, expressed excitement about the acquisition, saying, “I’ve long been a fan of Zymrat’s brand and apparel. I’m thrilled to be part of their growth journey and to contribute to building Styched Collective. This unified platform presents an exciting opportunity to blend our strengths, innovate further, and bring exceptional fashion and performance wear to our valued customers worldwide.”
Ankita Riva, Co-Founder of Zymrat, added, “This deal is not just a transaction; it’s a validation of our shared vision with Styched. We’re excited about the endless potential it brings. Our goal is to expand Zymrat’s product offerings across various categories and price points for both men and women, delivering the very best in performance wear and athletic fashion to a diverse global clientele.”
Zymrat’s existing shareholders, including founders Ujjawal and Ankita, marquee angels, and notable venture capital firms such as Anicut Capital, LetsVenture, Dominor Investment, Amit Ranjan (Slideshare), Rashmi Daga (Freshmenu) and others will continue to play an instrumental role in the company’s future endeavours. It’s however noteworthy that Styched has not issued any preference shares to these stakeholders as part of the deal.