Apart from Flipkart, Snapdeal, Amazon, Aditya Birla Group and Future Group were all in the race.
Flipkart has beaten rivals like Snapdeal, to acquire e-commerce fashion portal Jabong. The deal was made through Flipkart's own apparel e-tailer Myntra, however, the financials have been kept out of the public's eye.
"Myntra and Jabong are all set to define the next generation of online shopping with a combined base of 15 million monthly active users and offering the best of brands to Indian consumers," Myntra said in a press release.
Jabong's parent company, Global Fashion Group (GFG) has been looking for a buyer for the fashion e-tailer for sometime. Along with Flipkart, Snapdeal, Amazon, Aditya Birla Group and Future Group were all in the race to acquire Jabong.
Jabong has a seller base of over 1,500 international high-street brands, offering over 1.5 lakh styles.
Making the announcement, Flipkart's Executive Chairman Sachin Bansal tweeted:
Co-founder Binny Bansal also tweeted about the deal:
Binny Bansal, speaking about the acquisition, said, "
“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 e-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.”
Myntra claims a seller-base of 2,000 brands. It's CEO, Ananth Narayanan had this to say about the latest acquisition:
“Jabong has built a strong brand that is synonymous with fashion, a loyal customer base and a unique selection with exclusive global brands. 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 e-commerce in India.”
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