Flipkart acquires Jabong through fashion portal Myntra
Homegrown e-commerce giant Flipkart acquired online fashion portal Jabong through its fashion unit Myntra.
It is said that Jabong was acquired by Flipkart in a cut-price deal that values the online fashion store at 70 million dollars.
This acquisition will help Flipkart to strengthen its position in Fashion and Lifestyle e-commerce segment in order to compete with Amazon Fashion in India.
- Jabong was founded in 2012. It was owned by Global Fashion Group (GFG).
- It offers more than 1,500 international high-street brands, sports labels, Indian designer and ethnic labels and over 150,000 styles from more than 1,000 sellers.
- In September 2014, Jabong was merged with four online fashion retailers in Latin America, Russia, South-east Asia, Middle East to create GFG by its investor Rocket Internet.
Month: Current Affairs - July, 2016