Volatility is a factor that is synonymous with the business world. This is evident is the increasing business sector of e-commerce. Fashion giant Jabong which was once considered to be the leading online fashion retailer started reporting losses and has been up for sale for a year now.
E-commerce leader Flipkart grabbed this opportunity and its subsidiary Myntra carried out Jabong’s acquisition only recently. The financial details of this deal have not been made available yet.
“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.
Jabong offers more than 1,500 international high-street brands, sports labels, Indian ethnic and designer labels and over 150,000 styles from over a thousand sellers.
Jabong received a huge welcome at the Flipkart family.
Welcome @JabongIndia to the @Flipkart family. We’ll create history together.
— Sachin Bansal (@_sachinbansal) July 26, 2016