Digital

Flipkart, Not Snapdeal, Buys Jabong

The acquisition was done through Flipkart's fashion unit Myntra. Credit: Reuters

The acquisition was done through Flipkart’s fashion unit Myntra. Credit: Reuters

New Delhi: In a surprising turn of events, Flipkart, on Monday, announced that it had acquired fashion e-tailer Jabong from the Global Fashion Group.

Over the last month, reports had suggested rival online retailer Snapdeal was on the verge of making a deal the Gurgaon-based firm, with Financial Express even reporting that it was mostly sewn up.

In a statement on Monday, however, Flipkart co-founder Binny Bansal announced the acquisition and termed it as a “continuation of the group’s journey to transform commerce in India”.

“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. 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,” Bansal said in a statement.

The acquisition itself was done through Flipkart’s fashion and lifestyle unit Myntra, with company officials refusing to  provide information on the deal’s final price tag.

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