HRX plans to enter wearables market
The fashion and lifestyle brand HRX, backed by Bollywood actor Hrithik Roshan, is looking to expand its portfolio by entering the wearable tech segment later this year.
HRX is already a leading player in the country’s athleisure market and expects revenue of Rs 300 crore ($39.7 million) for the fiscal year 2019.
The brand has been rapidly expanding its portfolio with the addition of new categories every year. Last year, HRX had entered the innerwear market, which is currently estimated to be around Rs 6,330 crores to drive growth its growth.
It had several launches lined up and was also planning to sell overseas this year. However, the Covid-19 pandemic has halted the brand’s plan, which is now taking a cautious approach and will launch its new categories by end of this year.
“The company is already in talks with tech companies to enter into the wearables space with offerings like fitness bands. We have entered into partnerships, and by the end of this year or early 2021, we will explore the tech and wearables space," Afsar Zaidi, CEO and co-founder of HRX, told BusinessLine.
Zaidi, Hrithik Roshan, and Exceed Entertainment together own HRX, while Myntra is a joint venture partner in its athleisure vertical that includes apparel and footwear.
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