Flip karts most vast online fashion merchant MYNTRA has earned jabong for $70 million in cash. The procumbent will surly double up the earning of the smallest bit of flip kart against the amazon!
Initiated from the German company ROCKET INTERNET in 2012, jobang was at one time the biggest of all the fashion merchandise. However but now it had hit the scratch from thebottom of its experience in the industry due to poor sales and the outlet of the top management.
Jabong’s assessment has declined from $1.2 billion in 2014 to $100 million in 2016. For a whole year tuime the owners of the company had been in search of a buyer, and had held conversation meetings with Flip kart’s rival Snap deal, the Future Group, and Indian industrialist.
“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 said.
“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 Binny Bansal, CEO and Co-Founder, Flip kart. “This acquisition is a continuation of the group’s journey to transform commerce in India.”