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Flipkart Formally Shuts Jabong, Eyes Online Clothing Market through Myntra  

Flipkart Formally Shuts Jabong, Eyes Online Clothing Market through Myntra  

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New Delhi, February 5, 2020:

Walmart-owned Flipkart has formally shut down Jabong after four years of its acquisition in order to shift its focus to its premium fashion marketplace, Myntra.

Flipkart is eyeing to rule the Indian clothing market through its new move to refocus on Myntra.  According the reports, Jabong’s flagship portal and app are being redirected to Myntra’s shopping window as part of its move.

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It may be mentioned here that Flipkart had bought Jabong in 2016 for Rs 70,000,000 in cash. In July, 2019, after two-three years of decline in the Jabong’s sales, Flipkart slashed a significant share of its marketing expenditure in Jabong and redirected users towards Myntra by providing incentives.

Walmart in November, 2019 reportedly took a non-cash impairment charge of $290 million for the value of the trade name of 'Jabong' in the third quarter due to its investment in the fashion portal.

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Flipkart had acquired Myntra in 2014. If the current market share of Flipkart is talked about, it occupies 70 percent of the Indian market.

As per data from McKinsey's FashionScope, the Indian clothing market will be worth $59.3 billion by 2022.

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Edited By: Admin
Published On: Feb 06, 2020