iWorld

Flipkart's Myntra acquires Jabong for USD 70 million

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/smartcrop_800x800/public/images/tv-images/2016/07/26/Untitled-1_17.jpg?itok=MTlFi5yG

MUMBAI: Flipkart’s Myntra has acquired Jabong in a cut-price deal at USD 70 million, thereafter claiming the number one spot in India’s fashion e-commerce marketplace in the face of an onslaught by Amazon India.

Beating strong contenders like Snapdeal, Snapdeal, Future Group, Aditya Birla Group and Amazon which also bid to buy Jabong, Flipkart will pay cash for the acquisition, according to a statement by Jabong’s parent company Global Fashion Group (GFG).

GFG has been looking for a buyer for Jabong for more than a year now. “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,” said Flipkart co-founder Binny Bansal.

“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,” he added, as reported by media.

The sale marks one of the most dramatic declines in India’s online retail business. At the end of 2013, Jabong was worth as much as €388 million (about $508 million). In that financial year (year ended March 2014) Jabong reported sales of Rs438 crore. Even though its sales increased to Rs 869 crore in the last financial year, Jabong’s value collapsed because of a combination of leadership issues, market share losses and a funding crunch.

For Flipkart-Myntra, the acquisition of Jabong will boost sales at a time when Flipkart is struggling to revive growth, and struggling to protect its leadership in a market where Amazon has made rapid strides.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/20/netflix%20%281%29_0.jpg?itok=kdNrvXjv
Netflix confirms seven million subs; picks up Amazon gauntlet

MUMBAI: For all those media watchers who have been writing Netflix’s obituary in India, here’s a note of caution: take a few steps back, hold on to your fingers before banging in any other words on your keyboards. The global streaming services has come back with some smashing numbers in the latest...

iWorld Video On Demand
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/20/Anupam-Shrivastava%20%281%29.jpg?itok=RAZ-Qu1S
Fazed by expensive 4G spectrum, BSNL gifting Kerala 1k hotspots

Public sector telco BSNL will launch 1,000 high-speed Wi-Fi hotspots across the state of Kerala to address the challenges posed by its absence in the 4G data services, a top BSNL official has said.

iWorld Telecom
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/20/Jack_Huang-Kenny_Ye.jpg?itok=zXSdsn_d
Mobile content: Alibaba's UCWeb to invest Rs 2 billion in India & Indonesia

MUMBAI: UCWeb, part of Alibaba Mobile Business Group, has announced its plans to invest Rs 2 billion over the next two years in India and Indonesia market. The funds will primarily be used to tap the huge potential of user-generated content in India via its news distribution and content platform,...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/20/AMAZON.jpg?itok=tBuu5ial
Amazon Prime Video India ties up with OML

Amazon Prime Video India has entered into a partnership with OML (Only Much Louder) to release 14 comedy specials exclusively for Amazon. The shows are set to launch in May.

iWorld Video On Demand
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/19/TDSAT800_0.jpg?itok=Qtkmakk-
Idea petitions TDSAT against TRAI; price war set to escalate

MUMBAI: Idea Cellular has petitioned TDSAT seeking to stop Reliance Jio from continuing free services till 31 March. In December 2016, India's largest telco Bharti Airtel had moved the tribunal over the same issue.

iWorld Telecom
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/19/Niti_Aayog-Narendra_Modi.jpg?itok=xIS0FZLC
Sops offered to promote indigenous electronics industry

NEW DELHI: In a move to give incentive to the electronics sector, the Government has taken steps to expedite investments into the Electronics System Design and Manufacturing (ESDM) sector in India to achieve the goal of ‘Net Zero imports’ in electronics by 2020.

iWorld eNews
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/19/Horrid-Henry_Nitesh-Kripalani.jpg?itok=PAxZhLTA
Zodiak shows to be on Amazon Prime in early '17

MUMBAI: Zodiak Kids has announced that it has sold a series of titles to Amazon India, in a deal amassing over 100 hours. The shows are set to launch on Amazon Prime Video in early 2017.

iWorld Video On Demand
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/18/Anupam-Shrivastava.jpg?itok=fURGQS0W
BSNL launches FMT & Ditto TV; 4G planned this year

MUMBAI: State-run BSNL is now making diligent changes to their services. The service provider has gone beyond its limits and adapting to the dynamic changes in the Indian telecom scene.

iWorld Telecom
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/01/18/Mukesh-Sunil.jpg?itok=FTXaEv5U
Jio may use US$4.4bn to lay OFC, expand network to stifle competition

MUMBAI: It's common knowledge that Reliance Jio, Mukesh Ambani's telecom venture, is up against incumbent rivals such as Vodafone, Bharti Airtel, and Idea Cellular. Jio closed 2016 with 72.4 million subscribers. Last September, it claimed to be the fastest growing technology operation in the globe...

iWorld Telecom

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories