Gurgaon-based fashion and lifestyle eCommerce portal Jabong has recently reported a 14 per cent increase in its revenue to Rs 243.78 cr in the first quarter of the year compared to Rs 213.87 cr in the same quarter last year.
The Rocket Internet backed company reported a Gross Merchandise Value (GMV) of Rs 410.54 cr for Q1, 2016 which is 8.4 per cent more than Rs 378.38 cr in Q1 of 2015.
Jabong's revised EBITDA (earnings before interest, taxes, depreciation and amortization) loss for the same quarter squeezed to Rs 89 crore from Rs 121.7 crore in the corresponding quarter.
Looking at this phenomenal growth company’s arc rivals such as Myntra, Voonik and Koovs are now looking to cut several low-marginal brands including some of their private labeled products too. Myntra did the same in a bid to cut losses and position itself as a platform for premium lifestyle products.
In the last one year, the online retailer has tried to overhaul its leadership structure by appointing a new chief executive, Sanjeev Mohanty from Benetton, after the exit of founder Praveen Sinha. Jabong also appointed a new operations head, Muralikrishnan B, from IndiaProperty, and a new business officer, Rahul Taneja, from Snapdeal.