Flipkart on Monday, acquired online fashion portal Jabong through its subsidiary Myntra, in a move aimed at reinforcing its position as the market leader.
Global Fashion Group (GFG), which owns Jabong, had been on the lookout for a buyer for over a year, according to a report in HT Livemint.
Several companies including Snapdeal, Aditya Birla Group, Future Group and Amazon were in the running.
Financial details of the deal were not revealed.
“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.
Ananth Narayanan, chief executive, Myntra said, “Jabong has built a strong brand that is synonymous with fashion, a loyal customer base and a unique selection with exclusive global brands. The acquisition of Jabong is a natural step in our journey to be India’s largest fashion platform. We see significant synergies between the two companies, especially on brand relationships and consumer experience.”
Jabong offers more than 1500 national and international brands and over 150,000 styles from over a thousand sellers.