Flipkart-owned Myntra Acquires Jabong to Become the Biggest Online Fashion Shopping Destination
Dated: July 26, 2016
In the last few years, ecommerce has seen tremendous growth and 2016 has turned out to be a good year for the people with new ventures coming up to reap the benefits of the already blooming scenario. With consumers having a variety of options, each company has pulled up their sleeves and got in to the race to be the best. Recently one of the big names in the online fashion industry Myntra has announced their acquirement of Jabong, their rival from Global Fashion Group in order to make India’s biggest fashion shopping destination. The deal will consolidate Flipkart’s position in the Indian e-commerce market. This acquisition by Myntra does also state the growing competition in the online commercial market industry.
Some of the brands that will be "exclusive to both platforms" include Dorothy Perkins, Topshop, Tom Tailor, G-Star RAW, Bugatti Shoes, The North Face, Forever 21, Swarovski, Timberland and Lacoste.
Binny Bansal, CEO and co-founder, Flipkart, says, "'Fashion and lifestyle' is one of the biggest drivers of e-commerce growth in India. We have always believed in this 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."
Ananth Narayanan, CEO, Myntra, says, "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. We look forward to working with the talented Jabong team to shape the future of fashion and lifestyle e-commerce in India."