Flipkart Group has made a strategic investment in USPL (Universal Sportsbiz Pvt. Ltd.), a youth-oriented premium fashion company with many known brands in its portfolio.
The series F funding round for USPL will see Flipkart help strengthen its online strategy and in turn, the e-tail giant will retail USPL’s brands like Virat Kohli’s Wrogn and Kriti Sanon’s Ms Taken amongst others, on its platform.
This round of funding also saw participation from existing investor Accel Partners.
The investment marks Flipkart’s third investment in an offline fashion retailer this year. The first being Rs. 1,500 crore in ABFRL for a 7.8 per cent stake and the second being Rs. 260 crores in Arvind Youth Brands this July.
“We constantly strive to give our customers a wide array of product ranges to choose from. USPL’s unique brands, backed by celebrity endorsements, have a strong appeal for the young fashion-driven Indian consumer. This investment will help USPL and the Flipkart Group find deeper synergies as we continue on our commitment to grow an ecosystem of partnerships that deliver value for consumers and brands,” averred Kalyan Krishnamurthy, CEO, Flipkart Group.
The decision for this investment comes as Wrogn has for long been one of the fastest growing casual menswear brands in India and on Myntra.
USPL, which has over 750 retail locations in 100+ cities across India, has been growing at 40-50 per cent year on year.
Both Amazon and Flipkart have been buying minority stakes in offline retailers to strengthen their presence in the bricks-and-mortar segment.