Flipkart’s Myntra buys Jabong
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.