Redwolf
2025
Why
Consolidate the Indian pop-culture merchandise market by buying a direct rival.
Impact
Redwolf founders Ameya Thakur, Rahul Jaisheel and Vivek Malhotra joined The Souled Store.
Outcome
Deal terms were not disclosed.
The Souled Store
D2C Pop-Culture ApparelFounded 2013- HQ today: Mumbai, Maharashtra, India
Reviewed by Swet Parvadiya
Company data updated: October 2026
Acquisitions
The Souled Store Acquisitions
1
Major Deals Covered
What are The Souled Store's biggest acquisitions?
This page covers 1 major deal, each with its price where disclosed and the reason behind it.
- Major deals covered
- 1
- First deal
- 2025
- Most recent
- 2025
| Company | Year | Price | Purpose |
|---|---|---|---|
| Redwolf | 2025 | Undisclosed | Consolidate the Indian pop-culture merchandise market by buying a direct rival. |
The Souled Store's Growth & Acquisition Strategy
Growth comes from four levers: more licences (anime, sports and entertainment franchises), more categories beyond graphic tees (casualwear, footwear, innerwear, accessories), more physical stores, and consolidation such as the 2025 Redwolf acquisition. International expansion, starting with the Gulf, has been reported as a next step.
How The Souled Store Makes Money
The Souled Store earns almost all of its money from selling apparel and accessories. It licenses characters from studios and rights holders such as Disney/Marvel, Warner Bros. (DC, Harry Potter), anime franchises and IPL teams, pays royalties on those sales, and designs and sources the garments itself. Licensed graphic tees and hoodies bring customers in; its own casualwear (cargos, shirts, denim, basics), footwear, innerwear and accessories raise basket size and repeat purchases. Sales happen through thesouledstore.com, its mobile app, marketplaces and company-run stores in malls. A paid membership offers members lower prices on its products. The company does not publish a revenue split by category or channel.
The Souled Store Acquisitions FAQ
What was The Souled Store's landmark acquisition of Redwolf in 2025?
In April 2025, The Souled Store acquired its closest domestic licensed pop-culture merchandise rival Redwolf in a cash-and-stock deal, uniting the two pioneers of India's fandom apparel market under one roof.
Who was Redwolf and why was its acquisition strategically critical?
Founded in Mumbai in 2011, Redwolf was a respected indie pop-culture and music apparel brand known for niche artist collaborations, cult gaming merchandise, and licensed sci-fi apparel. The acquisition eliminated direct price competition.
How did The Souled Store integrate Redwolf's operations post-merger?
TSS integrated Redwolf's inventory and backend fulfillment into its centralized logistics network, while preserving the Redwolf platform as a specialized destination for indie artist designs, alternative pop culture, and band merchandise.
What was the strategic investment deal with Bollywood star Sara Ali Khan in 2021?
In 2021, Sara Ali Khan made an equity investment in The Souled Store, joining as both a shareholder and celebrity brand ambassador, which dramatically expanded the brand's mainstream visibility across female apparel and tier-2 markets.
What are the details of The Souled Store's multi-year licensing deals with Disney and Marvel?
The company maintains comprehensive multi-year licensing agreements with The Walt Disney Company, allowing it to design, produce, and sell apparel featuring characters from the Marvel Cinematic Universe, Star Wars, and Disney classic animation across India.
How did TSS structure licensing agreements with Warner Bros. Discovery?
TSS holds long-term master apparel licenses for Warner Bros. Discovery properties, encompassing DC Comics (Batman, Superman, Joker), the Wizarding World of Harry Potter, Looney Tunes, and F.R.I.E.N.D.S.
What are The Souled Store's strategic merchandising partnerships in the Indian Premier League (IPL)?
The Souled Store serves as the official fan merchandise and lifestyle apparel partner for premier IPL cricket franchises, including Mumbai Indians, Kolkata Knight Riders, and Rajasthan Royals, designing exclusive fanwear collections.
Has The Souled Store acquired any manufacturing or printing facilities?
No. Rather than acquiring physical factories, TSS follows an asset-light model, partnering with specialized third-party textile mills and printing facilities in Tirupur, Gujarat, and Maharashtra through exclusive capacity agreements.
What are the company's international licensing expansion deals in the Middle East?
Following its domestic dominance, TSS has been negotiating extended geographic rights with global entertainment studios to sell licensed pop-culture apparel in the UAE, Saudi Arabia, and broader GCC countries.
How does The Souled Store evaluate future M&A opportunities in Indian D2C?
Management evaluates bolt-on acquisitions of niche streetwear labels, indie gaming merchandise platforms, and sustainable fabric innovators that can leverage TSS's massive customer base and retail mall distribution.
Did The Souled Store explore acquiring any fast-fashion competitors?
While the company evaluated distressed D2C apparel startups during the 2023–2024 funding winter, it chose to acquire only Redwolf due to its pristine brand reputation, debt-free balance sheet, and loyal fanbase.
What role did institutional investors play in financing TSS's strategic deals?
Lead investors Xponentia Capital and Elevation Capital provided capital backing and strategic advisory for the Redwolf transaction, supporting the company's vision of consolidating India's youth lifestyle fashion market.
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