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India’s Flipkart buys fashion portal as Amazon spurs consolidation

22
May
2014

By Nandita Bose MUMBAI (Reuters) – Flipkart, India’s largest e-tailer, on Thursday acquired the country’s biggest fashion portal Myntra, as Amazon.com Inc’s rapid expansion in the country stokes consolidation in the e-commerce industry Financial terms of the deal were not disclosed but according to one person with knowledge of the development, the transaction is worth about $300 million. The acquisition is likely to give Flipkart, set up by two ex-Amazon employees in 2007, not just a stronger foothold in the fast-growing online fashion market, but also the additional scale it needs to fight competitors like Amazon, Flipkart co-founder Binny Bansal said. Amazon, which entered India last June, has drawn up the battle lines by slashing prices, launching next-day delivery, adding new product categories and embarking on a high-voltage advertisement campaign.

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