Flipkart has shut down fashion platform Jabong to focus on its premium fashion marketplace Myntra. Walmart-owned Flipkart, which had acquired Jabong for $70 million in 2016, will redirect Jabong's portal and its app to Myntra's shopping window as it has been reportedly finding it difficult to work out a conclusive long-term strategy for the portal.
In July last year, Flipkart had said it had begun slashing a significant portion of its marketing expenditure in Jabong and redirecting users towards Myntra by offering incentives, according to a report in a top business daily.Flipkart has shut down fashion platform Jabong to focus on its premium fashion marketplace Myntra. Walmart-owned Flipkart, which had acquired Jabong for $70 million in 2016, will redirect Jabong's portal and its app to Myntra's shopping window as it has been reportedly finding it difficult to work out a conclusive long-term strategy for the portal.#
Walmart had in November last year took a non-cash impairment charge of $290 million for the value of the 'Jabong' trade name in the third quarter due to its investment in the fashion portal.
ALCHEMPro News Desk (DS)
marketing@alchempro.com
