Myntra to acquire stake in Hrithik's clothing brand

Online e-commerce website, Myntra.com, is reportedly on course to buying a major stake in Bollywood star Hrithik Roshan's clothing and shoes brand HRX.

Roshan shares the rights to HRX with Exceed Entertainment, the firm with which Myntra is making the deal.

Myntra which aims to boost its clothing brand business hasn't disclosed the financial aspects of the deal. However, it has said that the transactions will be completed soon.

"This deal will add an attractive sportswear and lifestyle brand in our private brands collection...Buying an equity stake in HRX will align our vision with HRX's over the long term," said Rajesh Narkar, vice-president, Myntra Fashion Brands, to LiveMint.

Hrithik's HRX is planning to open offline stores with exclusive outlets in India and later to countries in West Asia, said Kamal Punwani, chief financial officer at Exceed Entertainment told the paper.