Race to acquire fashion portal Jabong hots up

The race to acquire Jabong is hotting up. Alibaba, Future Group, Flipkart’s unit Myntra and Aditya Birla’s e-commerce venture Abof are among those in negotiations to acquire the online fashion portal, said people with knowledge of the matter.

Even Snapdeal is said to be in the fray, but may not be an aggressive bidder. The asking price is said to be $250-300 million but the deal size could be lower, said the people cited above.

Jabong was founded under the banner of German incubator Rocket Internet in 2012. Swedish investment firm Kinnevik also owns a large stake in Jabong’s parent Global Fashion Group. Both are said to be keen to exit.

A spokesperson for Rocket Internet in Berlin declined to comment.

Source: The Economic Times