Myntra, the fashion- and apparel-focussed e-commerce subsidiary of Walmart-owned Flipkart, has bought out actor Deepika Padukone from the All About You brand, according to reports.
The brand, which markets and sells ethnic, formal and casual wear, was launched in 2015 with Padukone and Myntra operating as equal partners, Business Standard reported.
The move to acquire the actor’s stake leaves Myntra as the sole owner and operator of the brand.
The financial details of the transaction are not known. VCCircle has reached out to Myntra and will update this report accordingly.
“Over the years, we have successfully managed to create a brand that resonates with the modern Indian woman,” Myntra Fashion Brands head Manohar Kamath said, as per the report.
The acquisition will see Myntra expand the brand’s presence to more markets within India. It also comes as the company makes its foray into international markets.
The firm recently launched Myntra Fashion Brands in West Asia through partnerships with regional e-commerce platforms.
Other celebrity-focussed partnerships that Myntra is a part of include Hrithik Roshan-backed HRX and Saif Ali Khan’s House of Pataudi.
Both brands are owned by Myntra, the respective actors, and Mumbai-based Exceed Entertainment, according to the report.
Flipkart originally acquired a majority stake in Myntra for $285.6 million in 2014. As part of that transaction, investors in Bengaluru-based Myntra made a complete exit from the company.
These included Accel and Tiger Global, as well as a private equity fund managed by PremjiInvest.
While Padukone has sold her stake in All About You to Myntra, she continues to make investments via her family office, Ka Enterprises LLP.
Some of the investments made through this route include electric taxi startup Blu Smart, space-technology startup Bellatrix Aerospace, and Drums Food International Pvt. Ltd, which sells yoghurt under the Epigamia brand.