04 Jul. 16, MUMBAI: Major online marketplace such as players Flipkart, Snapdeal, Alibaba and Abof.com are speeding up to acquire Gurgaon based Indian fashion e-commerce firm Jabong as its owners AB Kinnevik and Rocket Internet are planning to sell the company and exit operations in India. The value of the deal is expected to be between $250 and $300 million.
Both the owners are resisting to invest more on the online marketplace and have been holding talks with buyers for the process of selling. The owners are expecting to close the deal in within a span of six months, as per Mint reports.
Sources and reports by ET quoted by “Jabong has held talks with these four companies over the past few weeks. While none of the negotiations has reached an advanced stage, the deal size could be around two times its annual sales and is expected to close within the next six months.”
Jabong was founded in 2011 and is operating within Global Fashion Group (GFG), the company offer several fashion brands like TOPSHOP, TOPMAN, Dorothy Perkins, Miss Selfridge, River Island, Sisters’ Point, Burton, G Star Raw, Miss Bennett London, Tom Tailor and Bugatti Shoes. Among others. The company also offers accessories like footwear, jewellery and to fulfil the fashion needs of the style conscious men, women and kids.