Online fashion portal, Jabong, has reported a 177% increase in Gross Merchandise Value (GMV) for the company, up to Rs 345.8 crore, up from Rs 124.8 crore for Q3-2013. The company has also stated a net revenue of ₹ 216 crore from July – September, 2014 with a 146% increase from the Rs 87.8 crore reported for the same period in 2013.
As per a Medianama report, the company’s loss for Q3-2014 has increased to ₹56.9 crore, from a loss of Rs 4 crore in Q3-2013. The firm also reported an operational (EBITDA) loss of Rs 155 crore for Q3-2014, up from a Rs 48.2 crore loss, reported in Q3-2013.
Jabong’s orders increased to 2.52 million during the period due to festive season and shopping festivals like GOSF and Diwali Mela. Around 0.86 million orders shipped during Q3-2013, and the order value dropped by 5.4 percent year on year to Rs 1372.22 for Q3-2014 from Rs 1451.2 in Q3-2013.
In the same period, Jabong had launched international brands like Burtons, G-Star RAW, Dorothy Perkins, River Island and Miss Selfridge. Also, it had introduced “shop the look”, and enhanced mobile web and app user experience. Furthermore, the firm had begun with next door delivery service, enabling customers to pick up packages at nearby shops. In November 2014, there were rumors that Amazon would acquire Jabong in a deal amount worth $1-1.2B, however, no further development has been witnessed so far.
In January this year, Kerala government had put a fine of Rs 3.89 crore on Jabong for indulging in illegal business in the state.Category Business