Flipkart’s Myntra today proclaimed that it has finally closed the acquisition deal of Jabong, marking the final chapter in the struggling fortunes of the fading fashion etailer. The company which is the online fashion arm of Global Fashion Group has been fully acquired by Flipkart for USD $70 million.
Myntra, which itself was acquired by Flipkart in 2014 in an estimated Rs 2,000 crore deal, will have access to a combined base of 15 million monthly active users. Confirming the acquisition news, company stated in the statement that 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.
However, both Myntra and Jabong share some of the exclusive global brands on their platform including Dorothy Perkins, Topshop, Tom Tailor, G Raw Star, Bugatti Shoes, The North Face, Forever 21, Swarovski, Timberland, Lacoste etc.
Sharing his views on the acquisition, Binny Bansal, CEO & Co-Founder, Flipkart said that fashion and lifestyle is one of the biggest drivers of e-commerce growth in India. Flipkart always believed in 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.
The acquisition of Jabong is a natural step in our journey to be India's largest fashion platform. Myntra sees significant synergies between the two companies especially on brand relationships and consumer experience. Company looks forward to be working with the talented Jabong team to shape the future of fashion and lifestyle ecommerce in India, told Ananth Narayanan , CEO,Myntra CEO.