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Flipkart-owned Myntra on Tuesday said it has acquired Jabong from Global Fashion Group for an undisclosed amount, a move that will mark further consolidation in India's booming e-commerce industry.
In This Pic : Binny Bansal
Pic Courtesy : BCCL
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Myntra, which itself was acquired by Flipkart in 2014 in an estimated Rs 2,000 crore deal, will have access to a combined base of 15 million monthly active users. No financial details were disclosed.
In This Pic : Ananth Narayanan
Pic Courtesy : BCCL
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"The acquisition of Jabong further strengthens Flipkart Group's position as the undisputed leader in Fashion and Lifestyle segment in India. Jabong is among India's major fashion multi-brand e-store with more than 1,500 on-trend international high-street brands, sports labels, Indian ethnic and designer labels and over 1,50,000 styles from over a thousand sellers," Myntra said in a statement. No official statement was available from Jabong.
In This Pic : Flipkart-owned Myntra acquires Jabong
Pic Courtesy : BCCL
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Some of global brands that will be exclusive to both the platforms include Dorothy Perkins, Topshop, Tom Tailor, G Raw Star, Bugatti Shoes, The North Face, Forever 21, Swarovski, Timberland and Lacoste.
In This Pic : Flipkart-owned Myntra acquires Jabong
Pic Courtesy : BCCL
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"Fashion and lifestyle is one of the biggest drivers of ecommerce growth in India. We have always believed in fashion and lifestyle segment and Myntra's strong performance has reinforced this faith," Flipkart CEO and co-founder Binny Bansal said. This acquisition is a continuation of the group's journey to transform commerce in India, he added.
In This Pic : Flipkart-owned Myntra acquires Jabong
Pic Courtesy : BCCL
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