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Myntra which is a Flipkart owned online fashion retailer, has acquired the smaller rival Jabong as it is aiming to strengthen its portfolio in the high-margin online fashion retail space.
In acquiring Jabong, Snapdeal -that directly competes with Flipkart- large format retail giant Future Group, Aditya Birla owned Abof.com were also there.
According to a company statement, the deal will further strengthen its position as the “leader in fashion and lifestyle segment” in India.
The financial details of the deal has not been disclosed.
