HRX, backed by actor Hrithik Roshan, is introducing the sports and fitness equipment category on Flipkart. The move comes after observing that home workouts have gained traction with gyms remaining shut due to state-imposed lockdowns.
Under the sports and fitness equipment category, HRX will launch bicycles and treadmills in the third quarter of the year and will start selling dumbbells, kettlebells, yoga mats, and skipping ropes beginning June.
Homegrown active wear brand is co-owned by Roshan and talent management firm Exceed Entertainment with e-tailer Myntra as a joint venture partner. HRX started out with active wear, casual, and a yoga line of clothing and accessories available on Myntra and Flipkart.
Last year, the brand also launched wireless audio devices for fitness enthusiasts and music lovers.
Afsar Zaidi, Co-Founder and CEO, HRX, told a leading media organization, "Despite the impact on the ongoing pandemic, we have not degrown in 2020 having clocked a revenue of Rs 375 crores. HRX is now a Rs 500 crore-strong brand. However, unlike last year, the second wave has a much deeper impact on our business which will become clear in the coming months."
HRX competes with select offerings from global sports brands like Nike, Adidas, and Puma as well as other celebrity brands including MS Dhoni's 'Seven' and One 8. With the new category launch, it will also compete with sports retailer Decathlon that also sells gym equipment range.
"The pandemic has shown new trends, with gyms being shut across cities people who aspire to stay fit are looking for resources that they can buy online and start home workouts. We have witnessed a surge in demand for home workout products which motivated us to launch this category," Zaidi further said.
The brand is also focusing on racket sports as well as other sports such as kickboxing.
Zaidi added, "We are planning to launch football, volleyball, and badminton accessories which will be available in form of a set for customers."
HRX ‘s bigger markets continue to be Mumbai, Delhi, Bengaluru, Gurgaon, Lucknow, Indore, Noida, Kolkata, and Hyderabad, in terms of revenue. The brand is planning to target smaller markets through the gym equipment category where the demand is high.
Convergent Finance LLP and Samara Capital have jointly declared the finalization of definitive documents for acquiring a 51.8 percent stake in Agro Tech Foods Limited (ATFL) from a subsidiary of Conagra Brands, Inc. ATFL, a listed company on the Bombay Stock Exchange and the National Stock Exchange, will undergo a mandatory open offer for an additional 26.0 percent of outstanding shares due to this acquisition. The deal is pending customary regulatory approvals and is anticipated to be completed in due course.
Conagra has been a controlling shareholder of ATFL since 2011, and during its tenure, ATFL expanded its food portfolio, featuring renowned brands like ACT II popcorn and Sundrop edible oils. Both brands are leaders in their categories, catering to both in-home and out-of-home consumption. ATFL will retain the license for the ACT II brand from Conagra for use in India.
Harsha Raghavan, Managing Partner at Convergent Finance said, “Agro Tech Foods’ category-defining brands have been beloved household names for the past three decades, thanks to the company’s relentless focus on quality, innovation, and customer delight. As India’s rapidly-growing consumer class expands and discretionary income levels continue to rise, we will expand ATFL’s distribution reach and product range, thereby transforming it into the country’s leading packaged and snack food platform.”
Manish Mehta, Managing Director and Co-Chief Investment Officer at Samara Capital said, “We are delighted to lead the acquisition of a majority stake in ATFL in partnership with Convergent. The company’s brands have high recall value with India’s consumers, and we aim to complement this hard-earned recognition with our knowledge of India’s food and consumer sectors to increase ATFL’s presence in fast-growing, high-margin categories. We intend to create a large and unique branded food platform in the country with this acquisition.”
Convergent Finance LLP, known for its investment management and advisory role, follows a value investing approach, emphasizing fair valuations through negotiated transactions. Samara Capital, founded in 2007, is a mid-market private equity firm in India with a focus on creating long-term value in partnership with entrepreneurs. Consumer and Retail form a significant focus area for Samara.
Conagra Brands, Inc, headquartered in Chicago, is a leading North American branded food company with a portfolio of iconic brands, including ACT II, Birds Eye, Duncan Hines, Healthy Choice, and Marie Callender’s, among others. The company is driven by a commitment to innovation and evolving to meet changing food preferences.
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