Flipkart formally closes down fashion portal Jabong 4 years after acquisition; to focus fully on Myntra for apparel business
In July last year, it was hinted that Walmart-owned Flipkart might close down Jabong after the e-commerce firm had started diverting the shoppers to its own e-commerce firm Myntra.
Jabong may cease to exist as independent brand after parent firm Flipkart redirects shoppers to Myntra
In July 2016, Flipkart's Bengaluru-headquartered fashion e-commerce company Myntra had acquired Jabong for $70 million.
Flipkart issues ESOPs worth $100 million to senior and middle-level staff as part of efforts to retain key talent
Some employees of Flipkart were given shares worth their full-year salary, while others received shares equivalent to their six-month remuneration, it said
The government has banned e-commerce companies such as Amazon.com and Walmart-owned Flipkart Group from selling products from companies in which they have an equity interest
Flipkart’s Amar Nagaram has been named as the head of Myntra and Jabong.
Ananth Narayanan steps down as Myntra-Jabong CEO to pursue foreign opportunities; Amar Nagaram takes over
In a statement, Myntra said Narayanan has decided to step down as CEO of Myntra and Jabong to pursue external opportunities.
After Binny Bansal's exit, at least 20 executives at Flipkart may step down; Myntra-Jabong CEO Ananth Narayanan to continue
Bengaluru-based Myntra, which was bought by Flipkart in 2014, could also see a job cut of up to 500 people
Myntra-Jabong CEO Ananth Narayanan may step down following changes in reporting structure at Flipkart
Kalyan Krishnamurthy will continue to be CEO of Flipkart, which will now include Myntra and Jabong, continuing to operate as separate platforms within the Flipkart business
Walmart earlier this year agreed to pay $16 billion for a roughly 77 percent stake in Flipkart.
Walmart offer: Flipkart employees to turn millionaires as US retail giant to buy ESOPs worth $800 mn
Last December, Flipkart had bought back ESOPs worth over $100 million from over 3,000 current and former employees as well as its other units, such as Myntra, Jabong and PhonePe.
Among Flipkart, Snapdeal, or Paytm Mall, Amazon is the first e-commerce platform to support Hindi.
Walmart to pay $16 bn for Flipkart: CEO Doug McMillon says India is a priority market for US retail giant
The record deal will also give Walmart an opportunity to partner with the local leader in growing market, as the e-tailer's leadership team will be supported by investment and technology partners.
The deal, under which co-founder Sachin Bansal and Japan's Softbank Corp Group are exiting, values Flipkart at USD 20.8 billion.
Flipkart’s board had “in-principle” approved engaging with Walmart based on the terms of an offer before them, taxation related concerns and a few other issues need to be resolved.
Myntra is also working directly with the weavers from Kamatagi, a village in Bagalkot district of Karnataka.
"I am excited to join MobiKwik Payment Gateway at a time when mobile digital payments are at an inflection point," said Rukaiya Rangwala.
Naspers invested $71 million for an additional stake in Flipkart in April 2017
In the past few quarters, both Amazon and Flipkart are almost selling same number of items, but the US e-commerce major continues to lag behind Flipkart on value terms
The fundraising also comes amid speculation Flipkart may be interested in a takeover of smaller rival Snapdeal.
Through their Diwali ads, E-Bay rejects hetero-normative behaviour, Jabong celebrates the spirit of you and Amazon reminds us the importance of giving to, and sharing with, others this festive season.