Nykaa’s net profit drops almost 5 pc to Rs 12.97 crore in July-Sep
The Q2 FY25 net profit declined from Rs 13.64 crore reported in the preceding June quarter, according to the company’s financials with the stock exchange.
E-commerce marketplace Flipkart wants to sharpen its focus on its online fashion vertical Myntra, is downing shutters on Jabong and the portal is now redirecting the users to the Myntra website.
Walmart-owned Flipkart had acquired Jabong for $70 million in 2016 but saw a close to 13 per cent drop in app downloads for the brand in December 2019, media reports said on Wednesday.
Earlier in July 2019, Flipkart had said that it had started to cut a significant chunk of its marketing expenditure in Jabong and redirecting its users towards Myntra by providing discounts.
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As per the reports, the Myntra app saw a 41.18 per cent rise in downloads and 31.87 per cent rise in daily active users (DAUs).
Flipkart had acquired fashion e-commerce platform Myntra in May 2014.
Soon after the Walmart acquisition in November 2018, Flipkart merged both Myntra and Jabong, which gave way to 150 employees being laid off.
(With input from agencies)
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