Flipkart has acquired online fashion portal Jabong through its unit Myntra on Monday. The financial details of the deal have not been made public yet. According to reports, Global Fashion Group which owns Jabong has been looking for a buyer for more than a year now.
In 2014 Myntra was acquired by Flipkart and then the app-only strategy was launched, however, after it didn’t seem to work for them, the company took a U-turn and relaunched the website.
Flipkart co-founder and Executive Chairman Sachin Bansal tweeted –“welcoming Jabong to the Flipkart family”, and so did co-founder and Flipkart CEO Binny Bansal.