Flipkart-owned fashion retailer Myntra has agreed to acquire its competitor Jabong from Global Fashion Group (GFG) in a $70m deal.

The deal is in line with GFG’s strategy to refocus on core markets to generate future profits.

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It comes as Jabong recorded poor sales last year, BBC reported.

The agreement was reached after reviewing multiple options for several months, GFG said in a statement.

As a result of its extensive review, GFG found that Jabong’s position as the nation's leading online fashion retailer would be best served through a business combination with a local player.

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GFG CEO Romain Voog said: “Over the last 12 months, all of GFG’s operations have significantly improved their customer experience and economics.

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"Through the sale of Jabong, we are achieving a milestone in our strategy to refocus and invest in our core markets that show both, significant growth and revenue potential but also a clear and predictable path to profitability.

"Through the sale of Jabong, we are achieving a milestone in our strategy to refocus and invest in our core markets."

“With a strengthened balance sheet, we are now uniquely positioned to continue investing to deliver unparalleled shopping experience and best in class service to our customers and partner brand owners across all of our countries.”

Subject to customary closing conditions, the acquisition is expected to be completed in the third quarter of this year.

Jabong currently sells more than 1,000 retail brands through its e-store.

Myntra was acquired by Flipkart in 2014.

GFG's current operations include Lamoda in Russia and the former CIS, Dafiti in Latin America, Namshi in the Middle East, The Iconic in Australia and New Zealand, Zalora in South East Asia, besides Jabong in India.

Image: GFG CEO Romain Voog. Photo: courtesy of Global Fashion Group.