Flipkart has discontinued operations of Jabong entity to primarily put its focus on premium online marketplace Myntra. In 2016, Walmart owned Flipkart acquired Jabong in an all cash deal of $70 million. Nevertheless, since then the company is unable to decide on a conclusive long-term strategy for the ecommerce portal.
Flipkart Discontinues Jabong To Focus On Myntra
As per the ET report, the company will now head on to redirecting the portal of Jabong and its app to Myntra. In July last year, Flipkart said it has begun to cut down significantly on marketing expenditure in Jabong. At the same time, the company was providing incentives for redirecting customers of Jabong to Myntra.
In November 2020, Walmart owing to its investment in the fashion portal took a non-cash impairment charge amounting to $290 million against the Jabong trade name in the third quarter.
Flipkart with Myntra and Jabong brands commands almost 70% of the market share.
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