Flipkart's Myntra on a fashion mission, acquires Jabong for $70mn
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Myntra, a Flipkart group company, today announced the acquisition of Jabong from the Global Fashion Group to create one of India’s biggest fashion shopping destination. The company bought Jabong for $70 million."The acquisition of Jabong further strengthens Flipkart’s position. as the undisputed leader in the fashion and lifestyle segment in India," said the company in a statement.
In the statement the company added, "Jabong is among India’s major fashion multi-brand e-store with more than 1500 on-trend international high-street brands, sports labels, Indian ethnic and designer labels and over 150,000 styles from over a thousand sellers."Myntra and Jabong are all set to define the next generation of online shopping with a combined base of 15 million monthly active users and offering the best of brands to Indian consumers. Some of the most iconic global brands that will be exclusive to both the platforms include Dorothy Perkins, Topshop, Tom Tailor, G Star Raw, Bugatti Shoes, The North Face, Forever 21, Swarovski, Timberland and Lacoste,"
Binny Bansal, CEO and Co-Founder, Flipkart said, “Fashion and lifestyle is one of the biggest drivers of e-commerce growth in India. We have always believed in the fashion and lifestyle segment and Myntra’s strong performance has reinforced this faith. This acquisition is a continuation of the group’s journey to transform commerce in India. I am happy that we will now be able to offer to millions of customers a wide variety of styles, products and a broad assortment of global as well as Indian brands”
According to Ananth Narayanan, CEO, Myntra, “Jabong has built a strong brand that is synonymous with fashion , a loyal customer base and a unique selection with exclusive global brands. The acquisition of Jabong is a natural step in our journey to be India’s largest fashion platform. We see significant synergies between the two companies especially on brand relationships and consumer experience. We look forward to working with the talented Jabong team to shape the future of fashion and lifestyle ecommerce in India.”
Reports say that the main motive behind this acquisition is to strengthen Flipkart’s position in the fashion and lifestyle segment to compete with Amazon Fashion in India.With this collaboration, international brands like Dorothy Perkins, Topshop and Tom Tailor will be exclusively available on the platform.
