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Jabong FY15 sales double, losses almost triple
18
Dec '15
Fashion and lifestyle portal Jabong crossed the Rs 1,000 crore sales mark in the year to March, doubling its revenue from a year ago but more worryingly, net loss increased almost three-fold.

According to a Registrar of Companies filing, Jabong, posted a loss of Rs 43.6 crore on sales of Rs 1,082.9 crore. A year ago, it had sales of Rs 527 crore with a net loss of Rs 16.6 crore.

Jabong's newly appointed CEO Sanjeev Mohanty clearly has his work cut out to pull out the loss making online fashion retailer from consistent poor financial performance.

Jabong, now part of Global Fashion Group portfolio, a subsidiary of German online business developer Rocket Internet, has had a bad year. The company had to be overhauled completely after the CEO and co-founder Arun Chandra Mohan and co-founder and MD Praveen Sinha left.

Before Sanjeev Mohanty took charge as CEO and MD recently, Nils Chrestin who is the Chief Financial Officer at GFG, ran the company as interim CEO. There have been reports that Rocket Internet planned to sell Jabong due to its continuous losses.

Despite showing an impressive figure of Rs 1,320.6 crore as far as growth in gross merchandise value (GMV) is considered for the calendar year ending December 31, 2014, profits have turned out to be a mirage for Jabong. (SH)

 

Fibre2Fashion News Desk – India

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