Jabong, now part of Global Fashion Group portfolio, a subsidiary of German online business developer Rocket Internet, has had a bad year. The company had to be overhauled completely after the CEO and co-founder Arun Chandra Mohan and co-founder and MD Praveen Sinha left.
Before Sanjeev Mohanty took charge as CEO and MD recently, Nils Chrestin who is the Chief Financial Officer at GFG, ran the company as interim CEO. There have been reports that Rocket Internet planned to sell Jabong due to its continuous losses.
Despite showing an impressive figure of Rs 1,320.6 crore as far as growth in gross merchandise value (GMV) is considered for the calendar year ending December 31, 2014, profits have turned out to be a mirage for Jabong. (SH)
ALCHEMPro News Desk – India
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
