Flipkart acquires Jabong through fashion portal Myntra

Homegrown e-commerce giant Flipkart acquired online fashion portal Jabong through its fashion unit Myntra.

It is said that Jabong was acquired by Flipkart in a cut-price deal that values the online fashion store at 70 million dollars.

This acquisition will help Flipkart to strengthen its position in Fashion and Lifestyle e-commerce segment in order to compete with Amazon Fashion in India.

About Jabong

Jabong was founded in 2012. It was owned by Global Fashion Group (GFG). It offers more than 1,500 international high-street brands, sports labels, Indian designer and ethnic labels and over 150,000 styles from more than 1,000 sellers.

In September 2014, Jabong was merged with four online fashion retailers in Latin America, Russia, South-east Asia, Middle East to create GFG by its investor Rocket Internet.

Current Affairs 26th July, 2016
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