Jabong acquired by Indian e-commerce giant
India e-commerce giant Flipkart, in order to maintain its position as the market leader has acquired Jabong, the online fashion portal through Myntra. The financial details of the deal remain undisclosed.
Global Fashion Group (GFG), Jabong’s previousowners had been looking for a buyer for more than a year. Most people however, were looking at Aditya Birla Group, which recentl launched a fashion marketplace called Abof.com as a potential buyer. Snapdeal and Amazon were also part of the list of potentials.
“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,” said Binny Bansal, co-founder of Flipkart quoted to LiveMint
With the acquisition of Jabong, Flipkart has strengthened its hold in the online fashion space.