File photo | Photo Credit: BCCL Walmart-owned Flipkart has formally shut down Jabong to concentrate on its premium fashion marketplace Myntra.Flipkart which had acquired the fashion platform around four years ago is now going to redirect Jabong's portal and its app to Myntra's shopping window, according to a report in the Economic Times.Flipkart had bought Jabong for $70 million (in cash) in 2016 but has since been finding it difficult to work out a conclusive long-term strategy for the fashion portal.Flipkart had in July last year said that it had begun to slash a significant chunk of its marketing expenditure in Jabong and redirecting users towards Myntra by providing incentives.Walmart had in November last year took a non-cash impairment charge of $290 million for the value of the 'Jabong' trade name in the third quarter due to its investment in the fashion portal.According to data from McKinsey's FashionScope, the Indian clothing market will be worth $59.3 billion by 2022, making it the sixth largest marketplace worldwide as compared to the UK and Germany.Flipkart that acquired Myntra in 2014 and Jabong in 2016 controls around 70% of the market.Flipkart that acquired Myntra in 2014 and Jabong in 2016 controls around 70% of the market.
Flipkart has shut down fashion platform Jabong to focus on its premium fashion marketplace Myntra. for example. It says 1:08 AM. Four years after acquiring it for $70 million (Rs. Following the development, Jabong’s portal and the app will redirect to Myntra’s shopping window.
Jabong has been officially shut down by Walmart-owned Flipkart to concentrate on its luxury apparel marketplace Myntra.
500 crore), Walmart-owned Flipkart has finally shut down Jabong. Flipkart has shut down the operations of Jabong, in a move to fully empower its premium fashion marketplace Myntra.
Devangshu Dutta, founder of Third Eyesight, a strategy consulting firm, told the In November last year, Walmart took a non-cash impairment charge of $290 million on account of it writing off its investment in Jabong. © Bennett Coleman & Company Limited Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Mobile wallets can retain non-compliant KYC users through low KYC PPI normInstamojo acquires Times Internet-owned GetMeAShop for $5 MnMobile wallets can retain non-compliant KYC users through low KYC PPI normInstamojo acquires Times Internet-owned GetMeAShop for $5 Mn Updated Feb 05, 2020 | 12:44 IST Walmart-owned Flipkart has formally shut down Jabong to concentrate on its premium fashion marketplace Myntra. Flipkart, the online shopping giant which has been acquired by Walmart, announced the shutdown of its subsidiary Jabong this month. All Rights Reserved. Flipkart has shut down online fashion store Jabong and is focusing on Myntra, which it acquired in 2014, reported on Wednesday. Users accessing Jabong’s website and app are now being redirected to fellow Flipkart-owned fashion portal Myntra. Jabong sends promotional sms to you day in and day out. Its dominance in fashion was also a great factor in attracting Walmart to pay $16 billion to buy a 77% stake in Flipkart in May 2018.Recently, Flipkart Group has announced its plans to Aarzoo is an author at Entrackr who tries to bring in an unbiased perspective while writing about the budding Indian startup ecosystem. Now, it would be interesting to see how Walmart treats $59 billion Indian clothes and apparel market, which will become world’s 6th largest in 2022.We will keep you updated, as more details come in.
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