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Finally, Myntra buys Jabong
26
Jul '16
Putting an end to months of speculation, online fashion e-retailer Myntra announced its acquisition of rival Jabong from Global Fashion Group making its parent company Flipkart India’s biggest fashion shopping destination, the company said in a statement.

The acquisition of Jabong further strengthens Myntra’s position as the undisputed leader in fashion and lifestyle segment in India, said Binny Bansal, CEO and Co-Founder, Flipkart Ltd.

While the statement was quiet on the financial aspects of the deal and other details, LiveMint reported that Jabong had been purchased “ in a cut price deal that values the fashion store at $ 70 million.”

“Fashion and lifestyle is one of the biggest drivers of ecommerce growth in India… Myntra’s strong performance has reinforced this faith. This acquisition is a continuation of the group’s journey to transform commerce in India,” Bansal said expressing the hope their e-marketplace would now be able to offer millions of customers a wide variety of styles, products and a broad assortment of global as well as Indian brands.

Myntra CEO Ananth Narayanan said in the statement, that the acquisition was a “natural step” in their journey to be India’s largest online 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,” he added.

Industry observers said Jabong's acquisition by Myntra comes in the wake of the growing competition it faced from Amazon and other offline brands such as Tata Cliq, Abof, Reliance Ajio and Now, who entered the market with an omni-channel strategy.

Jabong is among India’s pioneer multi-brand e-stores with more than 1,500 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, the company statement said. (SH)

Fibre2Fashion News Desk – India


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Courtesy: Business wire

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