New Delhi: On Tuesday, the e-commerce site, Flipkart announced that it has now acquired Jabong from Global Fashion Group and this will thereby boost India’s e-commerce economy. However, the amount has not been disclosed.
In 2014, Flipkart had acquired Myntra for Rs 2,000 crore.
Jabong is yet to give any official statement on the same, however, Myntra in its statement said, “The acquisition of Jabong further strengthens Flipkart Group’s position as the undisputed leader in Fashion and Lifestyle segment in India. Jabong is among India’s major fashion multi-brand e-store with more than 1,500 on-trend international high-street brands, sports labels, Indian ethnic and designer labels and over 1,50,000 styles from over a thousand sellers.”
Flipkart CEO and co-founder Binny Bansal said, “Fashion and lifestyle is one of the biggest drivers of ecommerce growth in India. We have always believed in fashion and lifestyle segment and Myntra’s strong performance has reinforced this faith.’ He went on to say that this acquisition would help bring about a transformation in commerce in India.
“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,” Myntra CEO Ananth Narayanan said.
Jabong was up for sale and was therefore in discussion with companies including Future Group, Snapdeal and Aditya Birla-owned Abof among others for the same.
Jabong was founded in 2012 by its sponsor Rocket Internet which in 2014 merged it with four other fashion retailers and hence created a Global Fashion Group (GFG).