The Thrasio-style venture that buys and scales online, direct-to-consumer businesses in India, has bought a 90 percent stake in fast fashion womenswear brand, The Label Life, according to a report in The Economic Times.
Mumbai-based The Label Life was co-founded by Preeta Sukhtankar in partnership with Bollywood personalities Sussanne Khan, Malaika Arora and Bipasha Basu, who are known as the brand’s “style editors”.
Financial details of the deal were not disclosed, but in a statement, Goat Brand Labs said it will absorb most of The Label Life’s team, with Sukhtankar to move into an advisory role, stepping away from operations.
Run by former Flipkart executive Rishi Vasudev, Goat Brand Labs last year raised $36 million from US-based investment firm Tiger Global, Flipkart Ventures and others.
In a model made famous by US outfit, Thrasio, a bunch of Indian startups, including 10Club, Upscalio, and Mensa, are buying up and scaling digital brands with the aim of becoming the country’s online version of P&G or Unilever.