New Delhi: Flipkart's unit Myntra has acquired rival Jabong, CNBC-TV18 reports.
Earlier reports indicated the fashion e-tailer was in the market for a sell-off and had been in talks with a host of companies, including Snapdeal and Aditya Birla-owned Abof.
Jabong, incubated by Germany-Rocket Internet in 2012, which sold apparel, footwear, beauty products, fashion lifestyle products and home accessories was once a leading fashion and lifestyle e-commerce portal.
The past one year has been tumultuous for the company, with many high-profile exits, including those of co-founders Arun Chandra Mohan and Praveen Sinha. Jabong had hired former Benetton MD, Sanjeev Mohanty, as the new CEO.
The news comes on the heels of fallen Internet star Yahoo! being bought over by Verizon $4.8 billion.
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