Flipkart-owned Myntra today announced that it has acquired Jabong from Global Fashion Group, a move that will mark further merger in India’s thriving e-commerce industry. The amount is not disclosed yet. Myntra, itself acquired by Flipkart in 2014 in an estimated Rs 2,000 crore deal, will have reach to a collectivebase of 15 million monthly active users.
“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,” Myntra said.
No official statement was available from Jabong. Some of global brands that will be exclusive to both the platforms include Dorothy Perkins, Topshop, Tom Tailor, G Raw Star, Bugatti Shoes, The North Face, Forever 21, Swarovski, Timberland and Lacoste.
“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,” said Binny Bansal, Flipkart CEO and co-founder.
This acquisition is a continuance of the group’s journey to mutate commerce in India, he added.
“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,” said Myntra CEO Ananth Narayanan.
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From ITvoir News Desk