Myntra Buys Jabong
Online fashion e-retailer Myntra finally announced its acquisition of rival Jabong from Global Fashion Group making its parent company Flipkart India’s biggest fashion shopping destination, the company in a statement said.
The acquisition of Jabong further strengthens Myntra’s position as the undisputed leader in fashion and lifestyle segment in India, Binny Bansal, CEO and co-founder, Flipkart Ltd. said.
“Fashion and lifestyle is one of the biggest drivers of ecommerce growth in India. Myntra’s strong performance has reinforced this faith. This acquisition is a continuation of the group’s journey to transform commerce in India,” Bansal said expressing the hope their e-marketplace would now be able to offer millions of customers a wide variety of styles, products and a broad assortment of global as well as Indian brands.
Myntra CEO Ananth Narayanan in a statement said that the acquisition was a “natural step” in their journey to be India’s largest online fashion platform.
Industry observers viewed Jabong’s acquisition by Myntra comes in the wake of the growing competition it faced from Amazon and other offline brands such as Tata Cliq, Abof, Reliance Ajio and Now, which entered the market with an omni-channel strategy.