After $293 Mn Jabong Write-Off, Flipkart Looks To Strengthen Grocery Biz
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India, Feb. 19 -- US retail giant Walmart has reported a $293 Mn write-off for Flipkart-owned fashion and apparel ecommerce platform Jabong in the financial year 2020, but also said that Flipkart sales in India added to its top line significantly in the fourth quarter of FY2021, end of the fiscal year as per US accounting standards.
Flipkart had shut down Jabong's operations in February last year as it decided to priorities Myntra. The platform was actually acquired by Flipkart-owned Myntra in 2016, and the two entities were merged after Flipkart was acquired by Walmart in 2018.
Walmart's financial statement for fiscal year 2021 read "business restructuring charges includes $293 Mn in non-cash impairment charges in the third quarter [of...
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