NEW DELHI: Flipkart-owned Myntra today said it has acquired Jabong from Global Fashion Group for an undisclosed amount, a move that will mark further consolidation in India's booming e-commerce industry.

Myntra, which itself was acquired by Flipkart in 2014 in an estimated Rs 2,000 crore deal, will have access to a combined base of 15 million monthly active users.

No financial details were disclosed.

"The acquisition of Jabong further strengthens Flipkart Group's position as the undisputed leader in Fashion and Lifestyle segment in India. Jabong is among India's major fashion multi-brand e-store with more than 1,500 on-trend international high-street brands, sports labels, Indian ethnic and designer labels and over 1,50,000 styles from over a thousand sellers," Myntra said in a statement.

No official statement was available from Jabong.

Some of global brands that will be exclusive to both the platforms include Dorothy Perkins, Topshop, Tom Tailor, G Raw Star, Bugatti Shoes, The North Face, Forever 21, Swarovski, Timberland and Lacoste.


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"Fashion and Lifestyle is one of the biggest drivers of E-commerce growth in India. We have always believed in Fashion and Lifestyle segment and Myntra's strong performance has reinforced this faith," Flipkart CEO and co-founder Binny Bansal said.

This acquisition is a continuation of the group's journey to transform commerce in India, he added.

"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. We look forward to working with the talented Jabong team to shape the future of fashion and lifestyle ecommerce in India," Myntra CEO Ananth Narayanan said.

Jabong has been in the market for a sell-off and was in discussion with companies including Future Group, Snapdeal and Aditya Birla-owned Abof among others.

Jabong was founded in 2012. In September 2014, its investor, Rocket Internet merged Jabong with four other online fashion retailers in Latin America, Russia, the Middle East, South-east Asia and Australia to create Global Fashion Group (GFG).

Swedish investment firm Kinnevik also owns a large stake in Jabong's parent Global Fashion Group.

While Jabong has managed to reduce losses by reducing discounts, both Kinnevik and Rocket Internet seem unwilling to infuse fresh capital and are believed to be keen to exit.
In April this year, GFG raised fresh funding from existing investors at a lower valuation, raising 300 million euros from Rocket Internet and Kinnevik.

Post the last round, GFG was valued at 1 billion euros, a significant fall from earlier valuation of 3.1 billion euros. 

According to the Internet and Mobile Association of India, e-tailing has grown at 57% year-on-year, moving from Rs 24,046 crore to Rs 37,689 crore between the December 2014 and December 2015. This is further estimated to touch Rs 72,639 crore by end of 2016.

As per a Rocket Internet investor presentation, Jabong had a net revenue of 32.6 million euros in Q1 2016, up 14% from 28.6 million euros in the year-ago period. For FY2015, its revenues were at 122.1 million euros.

 


NEW DELHI: Fashion e-commerce platform Myntra today said it expects to see a 20-fold jump in daily sales during its 'End of Reason' sale to be held on July 2-3.

The company, which was acquired by Flipkart in 2014, expects about 10 million people to shop on its platform on the two sale days.

"We are geared up for our End of Reason sale (EORS). We have invested strongly in strengthening our platform and in ensuring that logistics remains smooth. We anticipate about 10 million people will shop on Myntra in the two days of this sale, which is the fourth edition of EORS," Myntra CEO Ananth Narayanan told .

He added there will be up to 80% discount that will be offered to consumers on the sale days.
Narayanan, however, did not comment on the investments the company had made to beef up its platform.

For the fiscal ended March 2016, Myntra had gross merchadise value (GMV) of $500 million. For the ongoing financial year, the company is eyeing the USD one billion mark.

"We expect to see a 20X jump in revenues from what we do on an average day. This will also be about 2X bigger than our last sale in January," he said.

Asked about the concerns raised by offline retailers about the discounting mechanism adopted by eCommerce players to ramp up sales, Narayanan said the sale is not different from those seen in physical retail stores.
"Traditional retailers also have sales which usually lasts over weeks. We are offering a similar sale, just that it is for 2 days. Most of these discounts are coming from the brands themselves," he said.

Over 2,000 Indian and international brands will be part of EORS, including 11 of Myntra's in-house brands, he added.
Dear All,
I feel great pleasure in welcoming you to the re-launch of our much loved www.myntra.com!
We listened to your feedback and brought the website back. We believe that customers should have maximum choice, be it in selection of clothes or the device they like to shop on. Hope that you will enjoy shopping on our revamped desktop site, mobile web and mobile app.
 The desktop site has been rebuilt from scratch to be responsive, so it works beautifully across all mobile phones, tablets and web browsers. We’ve also optimized images such that you see a crisp Myntra in both retina and normal devices, without adversely impacting performance.

We’ve also recently launched home furnishings and fine jewellery, where we feel a large screen experience will complement the mobile app that you use on the move. We’ve been doing our part in making you look good for close to a decade now. Here’s to the next one!
Regards,
Ananth Narayanan
Chief Executive Officer (CEO), Myntra

 
 
 
 

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