Flipkart, India's biggest e-retailer, has acquired fashion e-retailer Myntra.com. The cash-and-stock deal is to be announced on Thursday. Some reports put it at Re. 1,800-2,000 crore, making it the largest in this domain since Naspers, which has a stake in Flipkart, had bought RedBus for Re. 780 crore last year.
Experts feel that Flipkart’s purchase reflects a serious effort to tap the online sales of apparel and fashion accessories. So far, Flipkart has had limited success with apparel and fashion accessories, which are the largest categories in online retail. The deal will help Sachin and Binny Bansal’s Flipkart get a bigger share and compete with Amazon, the e-commerce giant.