W-commerce big Flipkart makes its second massive acquisition, shopping for out Jabong for an undisclosed quantity. In 2014, Flipkart had acquired Myntra to shore up its trend choices in what was the most important e-commerce deal on the time, and there had been hypothesis for some time now that Jabong was going to be bought. Most individuals nevertheless have been wanting in the direction of the Aditya Birla Group, which just lately launched a trend market referred to as Abof.com, and Flipkart rival Snapdeal, as potential consumers.
A press launch issued by Myntra states that it’s the lead on this acquisition, whereas Flipkart co-founder and Executive Chairman Sachin Bansal tweeted welcoming Jabong to the Flipkart household, as did co-founder and Flipkart CEO Binny Bansal.
In the mailed assertion, Binny Bansal, CEO and Co-Founder, Flipkart stated, “Fashion and way of life is among the largest drivers of e-commerce progress in India. We have all the time believed within the style and way of life phase and Myntra’s robust efficiency has strengthened this religion.”
Of course, Myntra’s journey with Flipkart
has been a little bit of a curler coaster – after the corporate was acquired, Flipkart charted a controversial app-only approach for Myntra. This experiment was brief lived, with pushback from clients and a whole lot of scrutiny concerning the app-solely technique and what it foretold for different corporations. In the top, little lower than a yr later, the corporate took a u-turn and relaunched the website.
With the acquisition of Jabong, it has strengthened its maintain within the trend area, and can in all probability be capable of maintain away newer rivals like Abof.com, and old foes like Amazon, because of the elevated catalogue and buyer base.
“Jabong has constructed a robust model that’s synonymous with style , a loyal buyer base and a singular choice with unique international manufacturers,” stated Ananth Narayanan, CEO, Myntra. “The acquisition of Jabong is a pure step in our journey to be India’s largest style platform. We see vital synergies between the 2 corporations particularly on model relationships and shopper expertise.”
from Flipkart’s Myntra Buys Rival Jabong for an Undisclosed Amount – NDTV
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