Source | The Economic Times : By Chaitali Chakravarty & Rasul Bailay
This acquisition will strengthen Flipkart Group’s position in Fashion and Lifestyle segment to compete with Amazon Fashion in India.
“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,” said Ananth Narayanan, CEO, Myntra. “We look forward to working with the talented Jabong team to shape the future of fashion and lifestyle ecommerce in India,” he added.
ET was the first to report this development this morning. Jabong has been in the market for a sell-off and had held talks with companies such as Future Group, Snapdeal, Aditya Birla -owned Abof among others.
“Fashion and lifestyle is one of the biggest drivers of ecommerce growth in India. We have always believed in the fashion and lifestyle segment and Myntra’s strong performance has reinforced this faith,” said Binny Bansal, CEO and Co-Founder, Flipkart. “This acquisition is a continuation of the group’s journey to transform commerce in India,” he added.
With this, some global brands such as Dorothy Perkins, Topshop, Tom Tailor, G Star Raw will be exclusive to both the platforms.