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  1. Punit Soni on Flipkart-owned Myntra’s acquisition of Jabong: They will kill it, they are the big winners

Punit Soni on Flipkart-owned Myntra’s acquisition of Jabong: They will kill it, they are the big winners

Lauding fashion e-commerce firm Myntra, Flipkart's former top executive Punit Soni today said, "In India, if there is one place where there is a guaranteed win: it's Myntra. They will kill it. They are the big winners.

By: | Updated: July 26, 2016 2:24 PM
Myntra buys Jabong, Flipkart buys Jabong, Flipkart Myntra Jabong Punit Soni’s tweet came soon after home-grown e-commerce giant Flipkart said that it’s company Myntra will acquire Jabong.

Lauding fashion e-commerce firm Myntra, Flipkart’s former top executive Punit Soni today said, “In India, if there is one place where there is a guaranteed win: it’s Myntra. They will kill it. They are the big winners. @mukeshbansal06.” Soni’s tweet came soon after home-grown e-commerce giant Flipkart said that it’s company Myntra will acquire Jabong. “Ananth Narayanan is an incredible CEO. @myntra has a killer game and they are going to dominate the mid/high fashion game in India,” Punit Soni tweeted.

Sachin Bansal, the Executive chairman of Flipkart tweeted, “Welcome @JabongIndia to the @Flipkart family. We’ll create history together.” Binny Bansal, the CEO of Flipkart said, “Today, @Myntra got bigger! Delighted to welcome @JabongIndia to the @Flipkart group!”. Myntra was acquired by Flipkart in 2014. Myntra CEO Ananth Narayanan on his part said that the acquisition of Jabong will help in the company’s journey to becoming India’s largest fashion platform. “We look forward to working with the talented Jabong team to shape the future of fashion and lifestyle ecommerce in India,” he said.

Jabong had been on the block for a sell-off for quite some time now, and Flipkart has pipped companies like Future Group, Kunal Bahl’s Snapdeal and Aditya Birla-owned Abof to acquire it. The financial details of the deal are not yet available. Now, some of the global brands that will be exclusive to both the platforms (Myntra and Jabong) are; Lacoste, Tom Tailor, The North Face, Forever 21, Swarovski, Dorothy Perkins, Bugatti Shoes, Topshop.

WATCH: Flipkart-owned Myntra buys Jabong to create India’s biggest fashion e-tailer

Flipkart-owned Myntra’s deal to buy Jabong is being seen as a move that will aid consolidation in India’s e-commerce market.

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