Myntra acquires fashion e-store Jabong
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Bengaluru: Leading e-tailer Flipkart's fashion and lifestyle products' subsidiary Myntra on Tuesday announced its acquisition of e-store Jabong from the London-based online Global Fashion Group for an unspecified amount to strengthen its position in the segments both operatein.
Gurgaon-based Jabong is a major fashion multi-brand e-store with 1,500 global brands, sports labels, Indian ethnic and designer labels.
"Post-acquisition, Myntra and Jabong will have a combined base of 15 million monthly active users, offering best of brands to Indian consumers," Myntra said in a statement here.
Bengaluru-based Flipkart acquired Myntra in May 2014 for an estimated $300 million.
Besides apparel, Jabong.com sells footwear, fashion and home accessories, beauty products and fragrances.
Both the e-commerce platforms will jointly hard-sell iconic global brands, including Dorothy Perkins, Topshop, Tom Tailor, G Star Raw, Bugatti Shoes, The North Face, Forever 21, Swarovski, Timberland and Lacoste.
"Jabong's acquisition is a continuation of our group's journey to transform commerce in India. We will offer a variety of styles, products and assortment of global and Indian brands," said Flipkart co-founder and chief executive Binny Bansal in the statement.
As fashion and lifestyle is a major driver of e-commerce growth in the country, Bansal claimed Myntra's strong performance had reinforced faith in the segment.
"Acquisition of Jabong is a step in our journey to be the country's largest fashion platform, as it has built a strong brand, which is synonymous with fashion, a loyal customer base and global brands," said Myntra chief executive Ananth Narayanan.
With synergies in brand relationships and consumer experience, Myntra will work with the talented Jabong team to shape the fashion and lifestyle e-commerce in the country.
As a pioneer in mobile-commerce play, the city-based Myntra has partnership with 2,000 global brands, including Nike, Adidas, Puma, Levi's, Wrangler, Arrow, Jealous 21, Diesel, CAT, Harley Davidson, Ferrari, Timberland, US Polo, FabIndia and Biba to offer a range of latest fashion and lifestyle wear.