Myntra acquires Jabong to become the biggest online fashion shopping destination
Buyout of Jabong further strengthens Flipkart's position as the undisputed leader in fashion and lifestyle segment in India
Myntra, a Flipkart Group company, on Tuesday said it acquired Jabong from Global Fashion Group to create India’s biggest fashion shopping destination. The acquisition of Jabong further strengthens Flipkart’s position as the undisputed leader in fashion and lifestyle segment in India, the company says in a statement. Financial details of the transaction were not disclosed.
Jabong is among India’s major fashion multi-brand e-store with more than 1500 on-trend international high-street brands, sports labels, Indian ethnic and designer labels and over 150,000 styles from over a thousand sellers. 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. Some of the most iconic global brands that will be exclusive to both the platforms include Dorothy Perkins, Topshop, Tom Tailor, G Star Raw, Bugatti Shoes, The North Face, Forever 21, Swarovski, Timberland and Lacoste.
“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 ecommerce in India,” says Ananth Narayanan, chief executive, Myntra, in a statement.
In 2014, Flipkart acquired Myntra in a transaction that was pegged at about $330 million (as per media reports), consolidating its position as a fashion retailer.
“Fashion and lifestyle is one of the biggest drivers of ecommerce 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,” says Binny Bansal, chief executive and co-founder of Flipkart, in a statement.
In a tweet in the morning, Bansal said "@Myntra got bigger! Delighted to welcome @JabongIndia to the @Flipkart group!"
