Finally, it’s done. Gurgaon-based fashion and lifestyle etailer, Jabong has been integrated into the Global Fashion Group (GFG), which is formed with five Kinnevik and Rocket-Internet backed online fashion startups operating in various emerging markets.
GFG now comprises of five fashion ecommerce firms – Jabong (India-based), Dafiti (Latin America-based), Namshi (Middle east-based), Lamoda (Russia and CIS-based) and Zalora (South east Asia and Australia-based). The group has also secured $35 million in its kitty as funds secured from Tengelmann Ventures and Verlinvest.
GFG has plans to expand into 27 countries across four continents and the funds will be utilized to accelerate this growth. Put together, the five shopping portals have around 4.6 million active users who contribute to $463 million gross merchandise value per year.
Jabong directly competes with Myntra, known as India’s leading online shopping portal. Earlier, there was talk of a possible acquisition by Amazon, which did not materialize.
How this development affects the race for the top spot, one can only wait and watch!
After dwindling with her family business, into travel and hospitality, for more than 3 years, Pooja Vishant found her true love in writing. Happy-go-lucky and cheerful, she loves pink; so pink is the way to go if you want to get into her good books. The Associate Editor keeps track of even a leaf that has moved in the ecommerce world!
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