Flipkart today acquired a major stake in Myntra, a popular online fashion portal. Bangalore based firm, Myntra has been associated with more than 650 leading fashion and lifestyle brands in the country.
The deal is estimated to be around Rs 2,000 crore but the figure has not been independently verified.
Speaking on the occasion Mukesh Bansal, co-founder and CEO of Myntra said â€œWe are excited to partner with Flipkart, the biggest e-commerce platform in India. Sachin, Binny and their team have built a pioneering e-commerce platform on a foundation of strong technology and customer centricity. Flipkart is the most powerful e-commerce brand in India and has a very ambitious agenda to build the next generation of retail in India. Leveraging mutual strengths, we will build Myntra into India’s leading fashion powerhouse and create many original fashion brands.”
As a part of this new development, besides resuming the responsibilities of CEO Mukesh Bansal will also head the fashion business for Flipkart and join the Board. Post this announcement, Flipkart and Myntra will continue to work as independent entities and grow together as leaders in the Indian e-commerce industry.
Flipkart one of Indiaâ€™s leading e-commerce portals, has reached an annual sales mark of $1 billion (over Rs 6,100 crore) a year ahead of target