Homegrown e-retailer Flipkart has acquired a majority stake in online fashion retailer Myntra, according to media reports. Flipkart reportedly said that both the entities will run independently. According to the report, the deal may be valued at about 2,000 crore.
As per the new association, along with being the CEO of Myntra, Mukesh Bansal will also head the fashion business for Flipkart and join the Board.
Commenting on the development, Sachin Bansal and Binny Bansal, co-founders of Flipkart, said: “We believe that the future of fashion in India is e-commerce. We have known Mukesh for a long time and are delighted to partner with him. Myntra has a strong team with excellent domain knowledge. They also have the best relationships with lifestyle brands. This partnership will strengthen both our positions in the fashion space. We will continue to work as independent entities and grow together as leaders in the Indian fashion and lifestyle industry.”
Mukesh Bansal, co-founder and CEO of Myntra, added: “We 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.”
The partnership is said to support Flipkart’s and Myntra’s shared mission to bring high quality and affordable fashion and lifestyle products to every Indian consumer. Post this announcement, Flipkart and Myntra will continue to work as independent entities and grow together as leaders in the Indian e-commerce industry.
Launched in October 2007, Flipkart.com is India’s leading e-commerce marketplace offering millions of products across 20 categories and 40 sub-categories. Based in Bangalore, Myntra has partnered with over 650 fashion and lifestyle brands in the country.