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    Jabong's revenue up 14% at Rs 243.78 crore for Q1 of 2016

    Synopsis

    Rival of Myntra, Voonik and Koovs, is now planning to shed several low-margin brands, including three-fourth of its private labels, in a bid to cut losses.

    ET Bureau
    BENGALURU: Online fashion company Jabong reported a 14% increase in revenue to Rs 243.78 crore in the first quarter of 2016 as compared to Rs 213.87 crore in the corresponding quarter last year.

    The company, a unit of German ecommerce incubator Rocket Internet, reported Gross Merchandise Value (GMV) of Rs 410.54 crore for Q1 2016, up 8.4% from Rs 378.38 crore in Q1 2015.

    Jabong’s adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss for the same quarter narrowed to Rs 89 crore from Rs 121.7 crore in the corresponding quarter.

    Rival of Myntra, Voonik and Koovs, is now planning to shed several low-margin brands, including three-fourth of its private labels, in a bid to cut losses and position itself as a platform for premium lifestyle products.

    In the last one year, the fashion etailer has tried to revamp its leadership structure by appointing a new chief executive, Sanjeev Mohanty from Benetton, after the exit of founder Praveen Sinha. Jabong also appointed a new operations head, Muralikrishnan B, from IndiaProperty, and a new business officer, Rahul Taneja, from Snapdeal.


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