Mytra acquires jabong

Mytra acquires jabong

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Mytra acquires jabong

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Flipkart’s Myntra acquires Jabong

Myntra beats Snapdeal and other suitors to clinch the deal, the financial details for which have not been made public yet

New Delhi: In a move to maintain its position as the market leader, Flipkart Ltd has acquired online fashion portal Jabong through its unit Myntra, ahead of other suitors such as Snapdeal.

Financial details of the deal were not made public.

Global Fashion Group (GFG), which owns Jabong, has been looking for a buyer for more than a year now. GFG held discussions with several firms, including Snapdeal, Future Group, Aditya Birla Group and Amazon.

“Fashion and lifestyle is one of the biggest drivers of e-commerce growth in India. We have always believed in the fashion and lifestyle segment and Myntra’s strong performance has reinforced this faith. This acquisition is a continuation of the group’s journey to transform commerce in India. I am happy that we will now be able to offer to millions of customers a wide variety of styles, products and a broad assortment of global as well as Indian brands,” said Binny Bansal, co-founder of Flipkart.

Jabong offers more than 1,500 international high-street brands, sports labels, Indian ethnic and designer labels and over 150,000 styles from over a thousand sellers.

“Jabong has built a strong brand that is synonymous with fashion, a loyal customer base and a unique selection with exclusive global brands. 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,” said Ananth Narayanan, chief executive, Myntra.

Jabong, which matched larger rival Myntra in sales until early 2014, has ceded market share since then, as Myntra’s parent Flipkart has been spending crores of rupees on advertisements and discounts to lure customers.

At the end of May, Jabong reported a 14% increase in revenue to €32.6 million for the March quarter. The Gurgaon-based firm’s adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) loss narrowed to €11.9 million from €16.3 million in the same quarter a year earlier.

In the past year, the company has witnessed an exodus in its senior management, a funding slowdown and strong competition from Myntra and Amazon India.

In September 2014, Rocket Internet merged Jabong with four other online fashion retailers in Latin America, Russia, the Middle East, South-east Asia and Australia to create GFG.

GFG, which is jointly owned by Rocket Internet and Kinnevik, houses the German e-commerce company’s fashion businesses from emerging countries, including Jabong, Latin America’s Dafiti, Russia’s Lamoda, Namshi in the Middle East and Zalora in South-east Asia and Australia.

Earlier this month, Jabong expedited its sale process as the firm’s owners, AB Kinnevik and Rocket Internet, were reluctant to pump in more capital into the company in a gloomy e-commerce market.

The valuation of GFG, which was €3.1 billion in July 2015, slid to $1.13 billion (€1 billion) after barely 10 months. In May, GFG said it raised $339 million (€300 million) from Kinnevik and Rocket Internet at a valuation that was a third below the previous round’s.

(Source – http://www.livemint.com/Companies/iicvIYFijqp9V...)

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https://cdn1.desidime.com/assets/textile-editor/icon_eek.gif

May be another victim of ‘Amazon’ https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif

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Deal Cadet
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May be amazon but also recent fdi clarificatoin has to do as jabong has recently moved to marketplace from inventory led model

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Sam 1520
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2 waste combines to form a bigger waste

E7b55fb1d448621e52964de627a13e90
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plz make such threads in dost and dimes section

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@munna master wrote:

plz make such threads in dost and dimes section


Yeah, Munna Master already has thread there… https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif
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This one deserves deletion or merging with Munna Bhai’s… https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif

440px aaron swartz profile
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Dang! Snapdeal was about to close the deal with Jabong, and they even announced it internally. Glad that they finally backed out from that deal.

Rocket Internet is again fucked by dishonest executives in India. The game will be exciting when Alibaba enters the scene.

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jabong is lot better to offer variety of clothes in comparison to amazon . Personally i like jabong more . Used to get good discounts too . But not anymore i think .:-{

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@Praveen Vishnu Shamain wrote:

Flipkart’s Myntra acquires Jabong

Myntra beats Snapdeal and other suitors to clinch the deal, the financial details for which have not been made public yet

New Delhi: In a move to maintain its position as the market leader, Flipkart Ltd has acquired online fashion portal Jabong through its unit Myntra, ahead of other suitors such as Snapdeal.

Financial details of the deal were not made public.

Global Fashion Group (GFG), which owns Jabong, has been looking for a buyer for more than a year now. GFG held discussions with several firms, including Snapdeal, Future Group, Aditya Birla Group and Amazon.

“Fashion and lifestyle is one of the biggest drivers of e-commerce growth in India. We have always believed in the fashion and lifestyle segment and Myntra’s strong performance has reinforced this faith. This acquisition is a continuation of the group’s journey to transform commerce in India. I am happy that we will now be able to offer to millions of customers a wide variety of styles, products and a broad assortment of global as well as Indian brands,” said Binny Bansal, co-founder of Flipkart.

Jabong offers more than 1,500 international high-street brands, sports labels, Indian ethnic and designer labels and over 150,000 styles from over a thousand sellers.

“Jabong has built a strong brand that is synonymous with fashion, a loyal customer base and a unique selection with exclusive global brands. 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,” said Ananth Narayanan, chief executive, Myntra.

Jabong, which matched larger rival Myntra in sales until early 2014, has ceded market share since then, as Myntra’s parent Flipkart has been spending crores of rupees on advertisements and discounts to lure customers.

At the end of May, Jabong reported a 14% increase in revenue to €32.6 million for the March quarter. The Gurgaon-based firm’s adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) loss narrowed to €11.9 million from €16.3 million in the same quarter a year earlier.

In the past year, the company has witnessed an exodus in its senior management, a funding slowdown and strong competition from Myntra and Amazon India.

In September 2014, Rocket Internet merged Jabong with four other online fashion retailers in Latin America, Russia, the Middle East, South-east Asia and Australia to create GFG.

GFG, which is jointly owned by Rocket Internet and Kinnevik, houses the German e-commerce company’s fashion businesses from emerging countries, including Jabong, Latin America’s Dafiti, Russia’s Lamoda, Namshi in the Middle East and Zalora in South-east Asia and Australia.

Earlier this month, Jabong expedited its sale process as the firm’s owners, AB Kinnevik and Rocket Internet, were reluctant to pump in more capital into the company in a gloomy e-commerce market.

The valuation of GFG, which was €3.1 billion in July 2015, slid to $1.13 billion (€1 billion) after barely 10 months. In May, GFG said it raised $339 million (€300 million) from Kinnevik and Rocket Internet at a valuation that was a third below the previous round’s.

(Source – http://www.livemint.com/Companies/iicvIYFijqp9V...)


@@munna has posted TLDR version !

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@RichSoul wrote:

Dang! Snapdeal was about to close the deal with Jabong, and they even announced it internally. Glad that they finally backed out from that deal.

Rocket Internet is again fucked by dishonest executives in India. The game will be exciting when Alibaba enters the scene.


I doubt they’ll go head to head against better names such as ebay, FK, Snapdeal & Amazon most of all. I think they’ll just slowly increase their stake in Paytm & avoid introducing the Ali(baba) name here. I’ve tried shopping for items on Aliexpress a few times, every time I got nothing but a refund, most sellers visible during big sales are just throwing away fake items at cheap prices. Therefore I’ve stayed away from them for the last couple of years, because I don’t want to block my money on fake items & risk not getting a refund.

When you think about it logically, Indians still hate China (for very valid reasons) & not just for the fake stuff they peddle here. If they go head on against Amazon in India, Alibaba IMO will be obliterated & so they’re slowly increasing presence via Paytm & other ventures.

There is a small possibility that they might buy Snapdeal/Paytm outright but they’ll dare not change the name to something with ALI because of the general negative perception of China in India, at least from what I’ve gathered.

440px aaron swartz profile
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@$hubham wrote:

@RichSoul wrote:

Dang! Snapdeal was about to close the deal with Jabong, and they even announced it internally. Glad that they finally backed out from that deal.

Rocket Internet is again fucked by dishonest executives in India. The game will be exciting when Alibaba enters the scene.


I doubt they’ll go head to head against better names such as ebay, FK, Snapdeal & Amazon most of all. I think they’ll just slowly increase their stake in Paytm & avoid introducing the Ali(baba) name here. I’ve tried shopping for items on Aliexpress a few times, every time I got nothing but a refund, most sellers visible during big sales are just throwing away fake items at cheap prices. Therefore I’ve stayed away from them for the last couple of years, because I don’t want to block my money on fake items & risk not getting a refund.

When you think about it logically, Indians still hate China (for very valid reasons) & not just for the fake stuff they peddle here. If they go head on against Amazon in India, Alibaba IMO will be obliterated & so they’re slowly increasing presence via Paytm & other ventures.

There is a small possibility that they might buy Snapdeal/Paytm outright but they’ll dare not change the name to something with ALI because of the general negative perception of China in India, at least from what I’ve gathered.


I don’t know what *negative perception of China in India * you talking. But Alibaba is doing very well with Ant financial services; they are planning to expand it across the world; that’s why increased their stakes in Paytm. Also, they have stakes in snapdeal for e-commerce eperiments, and they bought Gojavas recently.
Alibaba recently started poaching senior executives from Amazon India to start their operations in India. They are aggressively acquiring startups in similar fields. I’m expecting Snapdeal-paytm-freecharge merger and splitting them into a payment and an e-commerce company within two years. That will be enough for a good competition to Amazon.

But yeah, India is big enough and diverse to survive two major competitors for a long time. I’m not aware of the valid reason for the hate of Indians towards China, Can you Elim5?

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@RichSoul wrote:

I don’t know what negative perception of China in India * you talking. But Alibaba is doing very well with Ant financial services; they are planning to expand it across the world; that’s why increased their stakes in Paytm. *Also, they have stakes in snapdeal for e-commerce eperiments, and they bought Gojavas recently.
Alibaba recently started poaching senior executives from Amazon India to start their operations in India. They are aggressively acquiring startups in similar fields. I’m expecting Snapdeal-paytm-freecharge merger and splitting them into a payment and an e-commerce company within two years. That will be enough for a good competition to Amazon.

But yeah, India is big enough and diverse to survive two major competitors for a long time. I’m not aware of the valid reason for the hate of Indians towards China, Can you Elim5?


You do know that Ant is just an investment arm of Alibaba don’t you? How many people here on DD or in India would buy stuff from a site owned by a foreign firm, especially one from China? The Chinese have no accountability & their after sales service, for hardware makers, is absolutely pathetic. Also you must have missed the bad rep Chinese goods have in the local market, perhaps not all of them but majority of people do not trust China made stuff for longevity.

I know that very well, Softbank IIRC is the biggest stakeholder in Snapdeal, though I’m not certain about Gojavas’ ownership structure.

Unless they’re outspending & out discounting Amazon over a stretch of time I do not see Alibaba overtaking ebay, let alone Amazon, in India.

You need a good name to survive in India, cheap stuff from a hostile nation will only do so much to gain traction here. We see the sentiments when China denied India entry into the NSG, why do you think Indians will reward a competitor from that same company, over Amazon, in the long run after?

E7b55fb1d448621e52964de627a13e90
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Update-No intention to merge jabong with co:myntra ceo

440px aaron swartz profile
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@$hubham wrote:

@RichSoul wrote:

I don’t know what negative perception of China in India * you talking. But Alibaba is doing very well with Ant financial services; they are planning to expand it across the world; that’s why increased their stakes in Paytm. *Also, they have stakes in snapdeal for e-commerce eperiments, and they bought Gojavas recently.
Alibaba recently started poaching senior executives from Amazon India to start their operations in India. They are aggressively acquiring startups in similar fields. I’m expecting Snapdeal-paytm-freecharge merger and splitting them into a payment and an e-commerce company within two years. That will be enough for a good competition to Amazon.

But yeah, India is big enough and diverse to survive two major competitors for a long time. I’m not aware of the valid reason for the hate of Indians towards China, Can you Elim5?


You do know that Ant is just an investment arm of Alibaba don’t you? How many people here on DD or in India would buy stuff from a site owned by a foreign firm, especially one from China? The Chinese have no accountability & their after sales service, for hardware makers, is absolutely pathetic. Also you must have missed the bad rep Chinese goods have in the local market, perhaps not all of them but majority of people do not trust China made stuff for longevity.

I know that very well, Softbank IIRC is the biggest stakeholder in Snapdeal, though I’m not certain about Gojavas’ ownership structure.

Unless they’re outspending & out discounting Amazon over a stretch of time I do not see Alibaba overtaking ebay, let alone Amazon, in India.

You need a good name to survive in India, cheap stuff from a hostile nation will only do so much to gain traction here. We see the sentiments when China denied India entry into the NSG, why do you think Indians will reward a competitor from that same company, over Amazon, in the long run after?


Jeez! The entire hardware manufacturing industry depends on China. There might be low quiality knockoffs; That doesn’t mean whatever they do will be results the same.

If you know very well about the internals of jasper infotech, you must be aware the recent issues with the Gojavas? There is lot developments happening there which I can’t disclose publicly. Guess.

There might a be few people thinks like a white supremist who doesn’t want to use softwares by indian startups, fuck them. India is big enough for any global chinese company.

Any company can build trust if they want, or do you think all indians are narow minded?

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@RichSoul wrote:

Jeez! The entire hardware manufacturing industry depends on China. There might be low quiality knockoffs; That doesn’t mean whatever they do will be results the same.

If you know very well about the internals of jasper infotech, you must be aware the recent issues with the Gojavas? There is lot developments happening there which I can’t disclose publicly. Guess.

There might a be few people thinks like a white supremist who doesn’t want to use softwares by indian startups, fuck them. India is big enough for any global chinese company.

Any company can build trust if they want, or do you think all indians are narow minded?


As a cheap manufacturing base, not because they’re indispensable or they lead the world of tech in innovation. Vietnam, Thailand (for a very long time) & other SE asian nations are fast replacing China as a cheaper industrial base, for the very same reason as to why India is being preferred these days.

Sorry but I don’t want a hostile nation dominating our eco landscape just because they’re cheap(er) or cause we think there isn’t much choice. The Chinese global ambitions of domination & hegemony started in the 50’s with invasion of Tibet, now they fully occupy what was once a peaceful nation alongside parts of Mongolia & recently their claims over the whole of South China Sea are just ridiculous.

If I have a choice between good quality Indian products & cheaper Chinese stuff, of similar quality, I will always choose Indian over Chinese. If I have a choice between China & US I will choose the US 99/100 times simply because the former is a hostile nation & has always been hostile to India. Alibaba, Huawei, ZTE, Lenovo are all fronts of the CPC i.e. the communist party & members have highly active financial stakes alongside the party in these firms. There is a reason why Hon hai bought Sharp, why they’re buying entities in Europe, India & Africa & that’s certainly not because they have the interests of Indian consumers at heart.

This isn’t blind patriotism or utter selfishness as we’ve seen on DD, if you’ve followed the history of China even since the 90’s you’ll know that even the Americans have a hard time operating in China & that’s because Chinese favor their own nation & local entities over the interests of any other. Effin the law of WTO, IPR et al & that’s how they’re stealing tech, defence, diplomatic secrets via state sponsored espionage having little regard to ingenuity. Then there’s this, I’m sure many will be enlightened by seeing how the big red dragon is anything but India’s friend atm, sponsoring Pak being a prime example ~ https://www.google.co.in/search?q=chinese+journ...

A tinge of realism, nationalism, forward thinking will go a long way in preventing India going the way of the US. They’ve learnt it the hard way that China is not to be trusted & giving them more $ over time is simply cutting both your feet off with a hacksaw https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif

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RIP jabong!!! https://cdn2.desidime.com/assets/textile-editor/icon_rolleyes.gif https://cdn2.desidime.com/assets/textile-editor/icon_cry.gif https://cdn1.desidime.com/assets/textile-editor/icon_eek.gif https://cdn2.desidime.com/assets/textile-editor/icon_evil.gif https://cdn1.desidime.com/assets/textile-editor/icon_sad.gif

Stopped buying from myntra since the acquisition and app only move.
Now will have to stop visiting jabong too..

You may want to read these too:

anyway its all over

The Story of Jabong’s exit: From $500mn to $70mn http://www.businessinsider.in/The-story-of-Jabo...

Everyone is having a bit of a WTF moment with Myntra’s acquisition of Jabong http://qz.com/741904/everyone-is-having-a-bit-o...?

pata nahi kiun but Punit Soni ka sakal dekhte hi gussa aa jata hai.. https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif

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…. One more site spoiled by these mofos

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Flipkart>Myntra>Jabong

The corporate tangle

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