Flipkart, India’s largest e-commerce retailer, has purchased online fashion retailer Jabong for US$70 million. The purchase was made through Flipkart’s Myntra subsidiary, also a fashion e-retailer, which it acquired in 2014.
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Global Fashion Group, which owns Jabong, had been searching for a buyer for Jabong for over a year, and had held talks with companies such as Snapdeal, Future Group, Aditya Birla Group and Amazon.
“Fashion and lifestyle [are among] the biggest drivers of e-commerce growth in India,” said Flipkart co-founder Binny Bansal. “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.”
Khaitan & Co advised Flipkart on the purchase. The team consisted of partner Ganesh Prasad, associate partner Vinay Joy, senior associate Rohith Rajendran and associate H Muralikrishnan.
BMR Legal, led by partner Amit Khansaheb with principal Vishruta Kaul and senior associate Deep Jain, advised Jabong.
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