Jobong sold out in 70$ million..

Flipkart’s Myntra Now bought Jabong For $70 Million.

Jabong the big fashion company is sold out. Myntra, a Flipkart Group company, acquired Jabong from Global Fashion Group (GFG) for $70 million in cash, creating one of the biggest online fashion destinations in the country as well as the largest e-commerce marketplace in India. Jabong matched larger competitor Myntra in sales until early 2014 but has dropped since then as Myntra’s Flipkart spent so much on discounts and advertising in order to lure customers.

The German e-commerce company’s fashion businesses emerged from countries including Zalora in South-East Asia and Australia, Namshi in the Middle East, Lamoda in Russia, and Dafiti of Latin America.

Jobong revenue (GFG) which was $ 2.82 billion in july 2015, than after 10 months lower down to$1.13 billion, GFG said it raised $339 million from kinnevik and rocket internet at a valuation that was a third below the previous round.

Ananth Narayanan, CEO of Myntra, told BusinessLine that the acquisition’s aim was to achieve scale and growth. “Jabong’s loyal customer base of four million monthly active users combined with our 11 million customers and a combination of some of the most iconic brands that will be exclusive to both platforms — including Dorothy Perkins, Topshop, Tom Tailor, G Star Raw, Bugatti Shoes, etc — will set us on the path to becoming India’s largest fashion platform.”