Flipkart Buys Indian Fashion Site Jabong

Flipkart's Myntra unit has acquired the online fashion site Jabong for 70 million US dollars. The acquisition means that Flipkart can now strengthen its fashion and lifestyle segment, further increasing its competitiveness against companies like Snapdeal. Jabong has reportedly been looking for a buyer for some time, and will now be able to add over 1,500 international high-street brands, with over 15,000 styles from more than 1,000 sellers to Myntra. Meanwhile, Romain Voog, CEO of Jabong's parent company GFG, said the sale was “a milestone in its strategy to refocus and invest in core markets”. Ananth Narayanan, CEO of Myntra also added that its “acquisition of Jabong is a natural step in the company's journey to be India's largest fashion platform”.