Technology
Myntra acquires fashion e-store Jabong
Leading e-tailer Flipkart's fashion and lifestyle products' subsidiary Myntra on Tuesday announced its acquisition of e-store Jabong from London-based Global Fashion Group for an unspecified amount to strengthen its position in the segment.
 
Gurgaon-based Jabong is a major fashion multi-brand e-store with 1,500 global brands, sports labels, Indian ethnic and designer labels.
 
"Post-acquisition, Myntra and Jabong will have a combined base of 15 million monthly active users, offering best of brands to Indian consumers," Myntra said in a statement here.
 
Bengaluru-based Flipkart acquired Myntra in May 2014 for an estimated $300 million.
 
Besides apparel, Jabong also sells footwear, fashion and home accessories, beauty products and fragrances.
 
Both the e-commerce platforms will jointly hard-sell iconic global brands, including Dorothy Perkins, Topshop, Tom Tailor, G Star Raw, Bugatti Shoes, The North Face, Forever 21, Swarovski, Timberland and Lacoste.
 
"Jabong's acquisition is a continuation of the group's journey to transform commerce in India. We will offer a variety of styles, products and assortment of global and Indian brands," said Flipkart co-founder and chief executive Binny Bansal in the statement.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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Soon a bill to better regulate cab aggregators: Gadkari
New Delhi : Road Transport and Highways Minister Nitin Gadkari on Monday said that the government is working on a bill to bring cab aggregators like Ola and Uber under greater regulation.
 
Speaking during the question hour in Rajya Sabha, Gadkari said that under the present provisions of the Motor Vehicle Act, there is not much regulatory control over the taxi aggregators. 
 
"The new proposed legislation would have various provisions including verification of drivers, installation of GPS and other issues," he said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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