Flipkart owned Myntra Acquires Jabong: E-Commerce Gaint Flipkart, who acquired largest online fashion website Myntra earlier, to maintain their position has acquired another online fashion website Jabong for $70 Million Deal. The deal is said to be the second-largest acquisition. Flipkart has acquired online portal of Fashion Jabong through its unit acquired company, Myntra.
Flipkart owned Myntra Acquires Jabong
The owner of Jabong, Global Fashion Group (GFG) were looking for a buyer for more than a year. GFG Global Fashion Group has discussions with several other companies, including Snapdeal, Future Group, Aditya Birla Group and Amazon, before closing the deal with Myntra.
Flipkart-Myntra has acquired Jabong.com from Global Fashion Group GFG for $70 Million Deal.
After this acquisition, Online fashion portal Myntra will have access to a 15 million monthly active users.
Jabong has been in discussion with companies like Amazon, Future Group, Snapdeal and Abof among others.
“Fashion and lifestyle are 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.
The valuation of GFG has estimated around €3.1 Billion in July last year, which went down to $1.13 billion (€1 billion) after 10 months. In May, GFG Global Fashion Group said they have raised $339 million (€300 million) from Kinnevik and Rocket Internet.
Myntra was acquired by Flipkart in 2014. The deal is estimated around Rs 2,000 crore.
Jabong is an online fashion portal having a collection of more than 1500 international brands, Indian ethnic, sports labels and designer labels and over 150,000 products from over a thousand sellers.
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