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=0NHfOCDD

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/2017/03/25/smart%20%281%29.jpg?itok=lwgXmDCO
Smart TV & streaming device makers may collaborate as race intensifies for on-demand content: F&S

Growing preference for over-the-top (OTT) content is catalysing demand for streaming media devices and smart TVs. The market, which slowed down during 2014-15 fiscal, is now ready to match consumer expectations by offering seamless accessibility to on-demand content through a new generation of...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/25/Untitled-1.jpg?itok=XRWFAKQx
YouTube watch time grew 400% y-o-y, 80% on mobile

MUMBAI: With a growing appetite among Indian consumers to watch videos online, YouTube, as per App Annie, has shared that over 180 million Indians are watching YouTube every month on mobile. The video streaming platform at the fourth edition of Brandcast India, further noted that the watch time in...

iWorld Social Media
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/25/Shaktikanta-Das-800x800.jpg?itok=dYLLWu-u
You Broadband-Vodafone proposal accepted, Atria & Netmagic FDI cleared

NEW DELHI: The government has accepted a proposal by Vodafone India Ltd for acquisition of 100% shares of M/s You Broadband India Limited by way of transfer from resident shareholders and non-resident shareholder. A 100% foreign owned company, Vodafone, will invest Rs 550.9 million as direct...

iWorld Broadband
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/24/Zelda%20Fitzgerald.jpg?itok=U3BDFJKH
Amazon Prime debuts its US original 'Z: The Beginning of Everything'

MUMBAI: No couple epitomised the rebellion and the glamour of the Jazz Age like F. Scott Fitzgerald and Zelda Fitzgerald, and now their tumultuous romance and life will be brought alive in a bio-series titled Z: The Beginning of Everything on Amazon Prime Video. Z: The Beginning of Everything, is a...

iWorld Video On Demand
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/23/gopal-vithal.jpg?itok=yFDWskKF
Airtel acquires Tikona's 4G biz , adds 2300 MHz spectrum in five circles

MUMBAI: Bharti Airtel Limited, India's largest telecommunications services provider, today announced that it has entered into a definitive agreement with Tikona Digital Networks to acquire Tikona's 4G Business including the Broadband Wireless Access spectrum and 350 sites, in five telecom circles....

iWorld Broadband
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/23/tivo%20%281%29.jpg?itok=TWUFHhBq
Sky picks TiVo to search entertainment across linear TV & VoD using voice

TiVo Corporation, a global leader in entertainment technology and audience insights, ha sannounced that TiVo and Sky, Europe’s leading entertainment company have joined forces to deliver voice search for Sky’s next-generation box, Sky Q. TiVo is providing Sky Q with a natural language, voice-based...

iWorld Video On Demand
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/23/Raghu_Rai_1.jpg?itok=HRNB7-KI
Photographs with social media become powerful tools for Information: Naidu

Photographs along with Social Media had been a potent combination in today’s digital world as influential mediums to spread awareness and ensure Good Governance, Information and Broadcasting Minister M.Venkaiah Naidu has said.

iWorld Social Media
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/22/Sunil_Mittal-Mukesh_Ambani%20%281%29.jpg?itok=qIpeeieV
Jio says Ookla has admitted to flaws in speed measurement system

This is one ad war that refuses to die. Even after Jio on the one hand and Airtel and Ookla on the other have had their say, the argument goes on.

iWorld Telecom
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/21/Sunil_Mittal-Mukesh_Ambani%20%281%29.jpg?itok=bsw-K6AM
Airtel hits back at Reliance Jio, Ookla stands by its findings

Bharti Airtel today accused Reliance Jio of making a deliberate attempt to “malign the brand” and “misguide customers.”

iWorld Telecom

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories