While the financial details of the acquisition were not disclosed, Myntra said that it plans to integrate Fitiquette’s core product within its website. There’s no wording on whether Fitiquette’s employees would shift their base to India or continue to work out of San Francisco. Update: In a blogpost in its official blog, Myntra has informed that Fitiquette CEO Andy Pandharikar will heading its newly formed Innovation Labs in San Francisco.
Founded in 2010 by Andy Pandharikar and Anant Kumar, Fitiquette is headquartered in San Francisco, US. It is a virtual fitting room which allows customers to create a virtual imitation of themselves to try on cloths that are offered on its site. The company claims that it selects clothing represented true to size based on a series of measurements, that is, S, M, L, XL, etc. Customers start with a mannequin and configure it to their measurements on height, hips, chest, among others. Users can then select clothes to try on the mannequin with a 3D view. Although the company’s product is still in beta, the Techcrunch report indicated that it had attracted around 20,000 users and 2-3 million try-ons.
Myntra, has been trying to work on try and buy model since November 2012 as indicated by an ET report and we believe that Fitiquette acquisition would allow Myntra to strengthen its try and buy model, with lesser dependency on delivery system. However, it needs to be seen whether users would engage online for testing cloth fittings or would still prefer to resort to the offline model, which is what they are used to at brick and mortar stores.
This is Myntra’s second acquisition in last 4 months. In December 2012, it had acquired Exclusively.in, the parent company of Sher Singh, which is a e-commerce company offering designer apparel and accessories and ships products only to the US and UK.
In June 2012, the company had claimed that at that time it had a customer base of 3 million and 400,000 visitors register on a daily basis. Interestingly, the Techcrunch report also states that last year Myntra did about $100 million in revenue.