Tuesday, July 26th, 2016

Flipkart’s Myntra buys Jabong

Narada Desk | July 26, 2016 12:29 pm Print
Both the e-commerce platforms will jointly hard-sell iconic global brands, sports labels, Indian ethnic and designer labels.
Jabong, flipkart, myntra

In a bid to strengthen its position in the online-marketing platform,  Flipkart’s fashion and lifestyle products’ subsidiary Myntra acquired rival e-store Jabong from London-based Global Fashion Group.

The financial details of the deal has not made public. The Bengaluru-based Flipkart had acquired Myntra in May 2014 for an estimated $300 million.

Gurgaon-based Jabong is a major fashion multi-brand e-store with 1,500 global brands, sports labels, Indian ethnic and designer labels.

“Post-acquisition, Myntra and Jabong will have a combined base of 15 million monthly active users, offering best of brands to Indian consumers,” Myntra said in a statement here.

Besides apparel, Jabong also sells footwear, fashion and home accessories, beauty products and fragrances.

Both the e-commerce platforms will jointly hard-sell iconic global brands, including Dorothy Perkins, Topshop, Tom Tailor, G Star Raw, Bugatti Shoes, The North Face, Forever 21, Swarovski, Timberland and Lacoste.

“Jabong’s acquisition is a continuation of the group’s journey to transform commerce in India. We will offer a variety of styles, products and assortment of global and Indian brands,” said Flipkart co-founder and chief executive Binny Bansal in the statement.

-IANS

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