38.6c New Delhi, India, Sunday, August 31, 2025
Top Stories Supreme Court
Political NEWS Legislative Corner Celebstreet International Videos
Subscribe Contact Us
close
Business

Walmart Owned Flipkart Closes Jabong, Redirects Users To Myntra

By LawStreet News Network      06 February, 2020 11:02 AM      0 Comments
Walmart Owned Flipkart Closes Jabong, Redirects Users To Myntra

Walmart owned Flipkart has chosen to focus on its online fashion entity Myntra and the users of Jabong are being redirected to Myntras shopping website. The e-commerce giant acquired Myntra in 2014 and later Jabong was controlled by Myntra in a deal expected to be meriting $70 million in July 2016. At least, one hundred and fifty employees were laid-off when the amalgamation took place between Myntra and Jabong in 2018 by Flipkart under the direction of Walmart. Afterwards, a statement was made by Myntra, The acquisition of Jabong further strengthens Flipkart Groups position as the undisputed leader in the Fashion and Lifestyle segment in India. Myntra and Jabong combined their fundamental business purposes, planned to integrate the all remaining functions such as technology, marketing, category, revenue, finance and creative teams. The recent development took place after Flipkart decided cutting the marketing spending and additional incentives were provided by Myntra which were attractive for users. 

The downloads for Jabong app by users was reduced by 12.71 per cent and usage of the app witnessed a decline, as mentioned in the report by SimilarWeb in December 2019. Active users on Jabong fell by 10.61 per cent but there was an increase of 41.18 per cent in downloads and 31.87 per cent in daily active users of Myntra in November 2019. Nevertheless, the cmpany's filings for FY2019, ending in March 2019, show that Jabong deducted its expense by 6.4%. In the meantime, the companys income also grew by 30%, leading to a 2.8% reduction in losses. Jabong noted a 104% year-on-year growth in its revenue, accounting for INR 41.87 crores of profits reported in FY19. The corporation registered a loss of INR 22.41 crores in FY19 as compared to INR 35.9 crores earnings in FY18 and Flipkart took non-cash impairment of $290 Mn on account of Jabongs trade name. Besides, Jabongs estimation was abridged in the third quarter of FY20 in the financial report for 2019-20. 

 

Author: Asif Iqbal



Share this article:

User Avatar
About:


Leave a feedback about this
TRENDING NEWS

words-spreads-faster-than-winds-sc-relies-on-testimony-of-neighbour-acquits-woman-in-dowry-harassment-case
Trending Judiciary
'Words spreads faster than winds,' SC relies on testimony of neighbour; acquits woman in dowry harassment case [Read Judgment]

SC acquits woman in dowry case, citing neighbour’s testimony: “Word spreads faster than wind” — conviction under Section 498A set aside.

30 August, 2025 05:54 PM
sc-refuses-to-entertain-plea-against-use-of-temples-land-funds-for-building-college-in-chennai
Trending Judiciary
SC refuses to entertain plea against use of temples' land, funds for building college in Chennai

SC refuses plea against use of Chennai temples’ land, ₹25 cr funds for building college, says using temple assets for education not improper.

30 August, 2025 06:01 PM

TOP STORIES

sc-restores-mandatory-20-percent-deposit-for-suspension-of-sentence-in-cheque-bounce-case
Trending Judiciary
SC Restores Mandatory 20% Deposit for Suspension of Sentence in Cheque Bounce Case [Read Order]

SC sets aside P&H HC order; rules 20% deposit mandatory for suspension of sentence in ₹8.65 crore cheque bounce case under NI Act.

25 August, 2025 12:35 PM
18-former-judges-write-to-union-home-minister-amit-shah-criticizing-his-remarks-on-justice-b-sudershan-reddy
Trending Judiciary
18 Former Judges write to Union Home Minister Amit Shah, criticizing his remarks on Justice B Sudershan Reddy

18 ex-judges write to Union HM Amit Shah, criticizing his remarks on Justice B Sudershan Reddy, stressing judicial independence and dignity.

25 August, 2025 03:09 PM
sc-stays-investigation-into-firs-against-csds-co-director-sanjay-kumar
Trending Judiciary
SC stays investigation into FIRs against CSDS co director Sanjay Kumar

SC stays probe into FIRs against CSDS co-director Sanjay Kumar over Maharashtra polling data post; says multiple cases show harassment motive.

25 August, 2025 03:14 PM
influencers-indulging-in-commercial-speech-cant-claim-fundamental-right-sc
Trending CelebStreet
Influencers indulging in commercial speech can't claim fundamental right: SC

SC: Influencers making commercial speech can’t claim fundamental rights; must apologize and act responsibly towards community sensitivities.

25 August, 2025 04:18 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email