Flipkart owned Myntra acquires Jabong on Tuesday

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Jabong.com, which was owned by Global Fashion Group (GFG) was facing problem in growing up since last one year as the sales of the company was declining day by day. Some of the major changes in the top management also effected the growth of the company.

 

On Tuesday, the Flipkart’s arm Myntra acquired the Jabong and race of acquiring the company ended. Many other competitors of the field like Alibaba, Kishore Biyani’s Future Group and Snapdeal were in the race of acquiring the Jabong. Jabong.com, which was owned by Global Fashion Group (GFG) was facing problem in growing up since last one year as the sales of the company was declining day by day. Some of the major changes in the top management also effected the growth of the company. Sachin Bansal tweeted “Welcome@JabongIndia to the @Flipkart family. We’ll create history together”. The co-founder of Flipkart, Sachin Bansal, confirmed the news by tweeting welcome Jabong India to the family of the Flipkart. The final valuation of the Jabong was of USD 100-150 million according to the Jabong owner AB Kinnevik. This is not the first time the company was seeking for the buyers, prior to this company attempted for auction.

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