Myntra, owned by
Flipkart, has acquired rival e-commerce portal
Jabong from
Global Fashion Group to become India's biggest fashion shopping destination.
With this acquisition, Flipkart Group's position in the Fashion and Lifestyle segment will be strengthened enough to give a tough competition to arch rival Amazon India.
"The acquisition of
Jabong is a natural step in our journey to be India's largest fashion platform. We see significant synergies between the two companies especially on brand relationships and consumer experience," Myntra CEO Ananth Narayanan told
ET. "We look forward to working with the talented Jabong team to shape the future of fashion and lifestyle ecommerce in India," he added.
It’s been long that talks of
Jabong being up for acquisition were on, with companies like Future Group,
Snapdeal, Abof etc bargaining to acquire it.
Also read: Jabong could be acquired by Snapdeal or Future Group, but at much less price
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