26 July 2016 Current Affairs: Flipkart Ltd has acquired online fashion portal Jabong through its unit Myntra in a move to maintain its position as the market leader on 26 July 2016. 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 : 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.