To maintain its position high the online market leader, Flipkart Ltd has acquired online fashion portal Jabong through its Myntra unit. According to the Global Fashion Group which owns Jabong said that Flipkart has agreed to pay $70 million all by cash to acquire the online store.
The Global Fashion Group has been looking for a buyer for Jabong for over an year. GFG held discussions with several firms, including Snapdeal, Future Group, Aditya Birla Group and Amazon before confirming the deal.
“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 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.
