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Flipkart acquires Jabong through fashion portal Myntra

Flipkart Ltd on 26 July 2016 acquired online fashion portal Jabong through its unit Myntra in a move to maintain its position as the market leader. However, the financial details of the deal were not revealed.
•    This acquisition will strengthen Flipkart Group's position in Fashion and Lifestyle segment to compete with Amazon Fashion in India.
•    Jabong was founded in 2012 . 
•    In September 2014, its investor Rocket Internet merged Jabong with four online fashion retailers in Latin America, Russia, the Middle East, South-east Asia to create Global Fashion Group (GFG). 
•    It offers more than 1500 international high-street brands, sports labels, Indian ethnic and designer labels and over 150000 styles from over a thousand sellers.
•    Global Fashion Group has been on the lookout for a buyer of Jabong for the last few months. The company was in touch with Snapdeal as well as Future Group and Amazon, but a deal failed to pass through. 
•    In 2014, Amazon reportedly wanted to acquire Jabong but it couldn't due to the price tag that was a steep 1.2 billion US dollars.

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