HOMEGROWN eretailer Flipkart on Thursday announced that it has acquired online fashion retailer Myntra in what is seen as the biggest consolidation in the country's e-commerce segment.
While the two companies did not disclose the size of the deal, it is estimated to be around `
"It is a 100 per cent acquisition and going forward, we have big plans in this segment.
Flipkart and Myntra are getting
getting together to create one of the largest e-commerce stories and together we will dominate the market," Flipkart cofounder and CEO
The move is expected to help Flipkart strengthen its apparel portfolio and compete more aggressively with rivals like US retail giant Amazon and Snapdeal.
"We, at Flipkart, believe that we want to be leaders in every segment and fashion is a category of the future, this acquisition will help us become leaders ` ` ` ` ` ` ` ` ` `
leaders in this category," he said.
Sachin said Flipkart will invest
Private equity investors
Flipkart hit the
Myntra, which sells products from over 650 brands like
GMV is an important ecommerce performance metric as the revenue depends on gross merchandise sold and fees charged.
` ` ` `
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