Indian etailer Flipkart has secured apparel group Jabong in a discounted deal through its Myntra unit that looks set to bolster its product diversity and bring under its wing, a new prospectus of customers.
Flipkart, founded in 2007, is a homegrown ecommerce giant and is looking to combat foreign intrusion from both Amazon and Alibaba, reportedly beating rival Snapdeal to the $70m acquisition.
Global Fashion Group has been trying to sell Jabong for a year as its value collapsed despite matching the sales of competitor Myntra. It is set to finalise the all-cash deal by Q3 2016.
Binny Bansal, the chief executive and Read full story ›
Source: The Drum
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