Myntra acquires Jabong from Global Fashion Group
The company's CEO said the acquisition is a natural step in the e-commerce major's journey to become India's largest fashion platform.
E-commerce company Myntra has acquired rival company Jabong from Global Fashion Group, according to the Economic Times. The company's chief executive officer, Ananth Narayanan, said, "The acquisition of Jabong is a natural step in our journey to becoming India's largest fashion platform. We see significant synergies between the two companies especially on brand relationships and consumer experience." Jabong investors have been looking for a buyer for the company for the past 12-18 months.
Myntra is an unit of Flipkart. The two companies merged in 2014 to compete with Amazon. Speaking of the takeover, Flipkart's co-founder Binny Bansal said, "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." He said the latest development is a continuation of the group's journey to transform India's commerce industry. The details of the deal are not known yet.