Flipkart acquires Myntra

India’s largest online retailer, Flipkart.com, acquired fashion e-retailer Myntra.com. While the exact size of the deal could not be ascertained, some reports estimate it to be of Rs 1,800-2,000 crore
The deal is expected to consolidate Rs 62,000-crore e-commerce market of India. The acquisition by Flipkart reflects the company’s intention to tap into the online sales of apparel and fashion accessories where it has had limited. Apparel and fashion domain is the largest shopping categories in the online retail space.
As per experts, by 2019, the electronics and fashion domain will account for 30% of the sales in the online e-commerce space.

Month: Current Affairs - May, 2014