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Jabong revenue up 19 per cent

Jabong’s revenue went up 19 per cent in the current fiscal.

The cost of the online portal slumped by 6 per cent during the same period. Employee as well as finance expenses continued to increase in the current financial year – 22 per cent and 140 per cent respectively. US-based retailer Walmart owns Jabong. The merger of Flipkart’s fashion arms Myntra and Jabong led to massive layoffs with as many as 150 employees getting the axe. Myntra and Jabong together were asked to move all operations to Bangalore and cut workforce. Employees who didn't get the option to join in Bangalore were offered three months' pay as severance and 15 days of pay for every year served, besides gratuity.

In early 2019, retail giant Walmart, in its bid to bring in more efficiency and better results, decided to consolidate back office functions for Myntra and Jabong. Walmart, in this process, shifted its focus to a single premium fashion platform namely Myntra. On the cost front, it would not have made sense for Walmart – which took over Flipkart – to keep pumping cash into three different brands.

Jabong, based in Gurugram, was founded in 2012 and sells apparels, fashion accessories, footwear and home accessories, among others.

 
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