BENGALURU: Mensa Brands, which turned into a unicorn recently, has acquired LilPicks, an emerging digital-first fashion brand in the kidswear segment for an unknown sum.
Founded in 2017 by Riya Gupta, LilPicks has witnessed rapid growth over the last four years and has expanded its presence in overseas markets such as Malaysia, Singapore and Nepal.
Ananth Narayanan, Founder and CEO of Mensa Brands said, “The kidswear segment is emerging with a lot of white spaces, giving us the perfect opportunity to grow the brand with the right product mix and distribution.”
Mensa acquires digital first brands operating in different categories, including fashion and apparel, home and garden, beauty and personal care, food, and others.
It says that e-commerce in India is at an inflection point of non-linear growth offering the best opportunity to build global brands from India.
According to Statista, India’s apparel market was expected to grow at a rate of about 11% and reach a value of $85 billion by 2021.
The kidswear segment accounted for about 20% of the total apparel market in India in 2018. The segment was predicted to reach nearly Rs 1.7 lakh crore by 2028.