Goat Brand Labs, a Thrasio-style venture run by former Flipkart executive Rishi Vasudev, has bought a 90 percent stake in The Label Life to enter the women's fast fashion sector.
Goat Brand Labs will absorb most of The Label Life's team, according to a statement.
The company's co-founder, Preeta Sukhtankar, will move away from her operating role to an advisory one, while the other co-founders Yashika Punjabee and Sonam Shah, who was brought on board in 2016 will join the direct-to-consumer house of brands
The Mumbai-based brand was started by Sukhtankar in partnership with Bollywood personalities Susanne Khan, Malaika Arora, and Bipasha Basu, who were the brand's style editors.
Goat Brand has raised $36 million from New York-based investment firm Tiger Global, Flipkart Ventures, US-based Mayfield, Nordstar Partners, and Better Capital. The startup plans to add multiple brands in the women's western wear space.
The Label Life sells across categories like apparel, accessories, footwear, and home. It plans to build these categories further and expand into jewelry, beauty, and personal care as well as loungewear, among others.
"Women's fashion and beauty are the hottest spaces in e-commerce in India, and we were extremely keen to acquire a strong brand with high growth potential. We will scale the brand (The Label Life) exponentially by expanding globally and launching new product categories. The aim is to make it one of the first D2C brands to hit the Rs 500 crore revenue mark by 2025," Vasudev said in the statement.
"As the founding team we have always believed that while we have the competency to build brands and understand style and aspiration, we've always hoped to partner with like-minded people who bring on board scale and strategic capability to help the brand achieve what it deserves," Shah added.
The Label Life is the latest addition to the portfolio of D2C brand acquisitions made by Goat Brands Labs including Pepe Jeans Inner Fashion, women's Indian wear brand Abhishti, and pet food brand Doggie Dabbas.