Flipkart acquires online fashion portal Jabong

Global Fashion Group has been on the lookout for a buyer of Jabong for the last few months. The company was in touch with Snapdeal as well as Future Group and Amazon, but a deal failed to pass through.

Created On: Jul 26, 2016 15:38 ISTModified On: Jul 26, 2016 14:42 IST

Flipkart LtdFlipkart Ltd on 26 July 2016 acquired online fashion portal Jabong through its unit Myntra in a move to maintain its position as the market leader. However, the financial details of the deal were not revealed.

This acquisition will strengthen Flipkart Group's position in Fashion and Lifestyle segment to compete with Amazon Fashion in India.

About Jabong
• Jabong was founded in 2012 .
• In September 2014, its investor Rocket Internet merged Jabong with four online fashion retailers in Latin America, Russia, the Middle East, South-east Asia to create Global Fashion Group (GFG).
• It offers more than 1500 international high-street brands, sports labels, Indian ethnic and designer labels and over 150000 styles from over a thousand sellers.

Background
Global Fashion Group has been on the lookout for a buyer of Jabong for the last few months. The company was in touch with Snapdeal as well as Future Group and Amazon, but a deal failed to pass through.

In 2014, Amazon reportedly wanted to acquire Jabong but it couldn't due to the price tag that was a steep 1.2 billion US dollars.

Now get latest Current Affairs on mobile, Download # 1  Current Affairs App

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

AndroidIOS
Comment ()

Post Comment

8 + 3 =
Post

Comments