Online Shopping Portal Myntra Buys Jabong to Create India's Biggest Fashion e-tailer
Flipkart's Fashion portal Myntra has acquired Jabong. Flipkart has not declared the Flipkart Jabong deal amount. Jabong is India's one of enormous style e-store with more than 1500 brands.
Flipkart co-proprietor Binny bansal said, "Design and way of life is one of the greatest drivers of e-trade development in India. We have dependably trusted in the style and way of life fragment and Myntra's solid execution has strengthened this confidence. This obtaining is a continuation of the gathering's adventure to change business in India. I am cheerful that we will now have the capacity to offer to a huge number of clients a wide assortment of styles, items and an expansive arrangement of worldwide and additionally Indian brands."
Flipkart Owns Jabong
Flipkart Executive Chairman Sachin Bansal tweeted on today morning, "Welcome Jabong India to the Flipkart family. We'll make history together."
Jabong was owned by Global Fashion group. For last few months, Jabong’s business was on down grade. Jabong was also in touch with other e-commerce giants Snapdeal, Amazon India and Future Group but finally deal is cracked by Flipkart’s Myntra.
Jabong is the only loss-making outfit in Global Fashion Group’s portfolio of ten companies in the January-June 2015 period. Jabong also registered slowest revenue growth of 26.5 per cent y-o-y in the six months to June, 2015 among the ten companies.