Online shopping giant Flipkart announced that it has acquired e-commerce giant Jabong for an undisclosed amount. Jabong is India’s second largest online fashion retailer and the acquisition was done through Flipkart’s Myntra that was acquired two years back.
Binny Bansal, the co-founder and CEO of Flipkart said, “Fashion and lifestyle is one of the biggest drivers of e-commerce growth in India. We have always believed in this segment, and Myntra’s strong performance has reinforced this faith”. With the recent acquisition, Flipkart will now have access to 15 million active users from Jabong as well as Myntra.
After electronics, fashion is the second largest category in India and makes for almost 30% of e-commerce transactions. In recent times, Jabong has managed to build a loyal customer base and associated with brands that are not available on other stores. Right now Jabong has more than 1,500 brands with 1,50,000 styles. It includes sports, kids wear, high-street fashion, Indian ethnic wear and more.
Jabong is also a house to some of the international brands like Topshop, Dorothy Perkins, G Star Raw, Tom Tailor, The North Face, Forever 21, Swarovski, Lacoste and Timberland. Online shopping has proved t be a boom in recent times as more people prefer to buy at the convenience of their home right from their hand held gadgets.
Photo Credits: ibtimes