To boost e-commerce segment, Myntra acquires Jabong

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jabongIn a move that will consolidate Indian e-commerce industry, Flipkart-owned Myntra on July 26, acquired Jabong from Global Fashion Group (GFG).

Myntra, which was acquired by Flipkart for an estimated Rs 2,000 crore in 2014, will now have an approach to 15 million monthly active users.

“Jabong’s acquisition boosts Flipkart Group’s position as the leader in fashion and lifestyle sector in India. Jabong is a major fashion multi-brand e-store with more than 1,500 on-trend high-street brands, sports labels, Indian ethnic and designer labels and 1.5 lakh styles from more than a 1,000 sellers,” said Myntra.

Stating that this deal was to transform commerce in India, Flipkart CEO, and co-founder Binny Bansal said, “Fashion and lifestyle are one of the biggest drivers of e-commerce in India. Myntra’s performance has reinforced our faith in fashion and lifestyle segment.”

“Jabong’s acquisition is a natural step in our journey to be India’s largest fashion platform. We see synergies between the two companies, especially on brand ties and consumer experience. We look forward to working with the Jabong team,” said Myntra CEO Ananth Narayanan.

Jabong, which was founded in 2012, was merged by its investor, Rocket Internet with four online fashion retailers in Latin America, Russia, the Middle East, South-east Asia and Australia to create GFG.