MUMBAI: India’s top e-commerce company Flipkart said yesterday it had bought fashion website Myntra for an undisclosed sum as the company competes with US giant Amazon for local market dominance.
Flipkart said it planned to invest more than $100m in Myntra, as it attempts to grab a bigger share of India’s fast-growing online fashion retail market.
“We believe that the future of fashion in India is e-commerce,” said Sachin Bansal, co-founder of Flipkart in a statement.
The deal will give Flipkart control of roughly half of India’s exploding e-commerce market by sales. Flipkart is seeking to strengthen its dominance online after Amazon entered the market last June. E-merchandise retailing sales in India stood at $1.6bn in 2013 and it will reach the $14bn mark by 2018, helped by a vast young generation rapidly using the Internet to shop. AFP
