Online fashion retailer Myntra finally confirmed that it has been acquired by Flipkart earlier today at a press conference.Here are updates from the event: 12:50 - Mukesh Bansal will be joining Flipkart board and will be heading the fashion business for Flipkart. 12:52 - Sachin Bansal - This is a 100% acquisition of Myntra. We can't share any more details. Key Events In Myntra’s Journey : A Timeline 12:55 - Mukesh Bansal: There will be zero change in the roles post acquisition. Both the companies will continue to work separately. 12:56 - Flipkart will be investing upward of $100M in Myntra in near future. 12:57 - Sachin Bansal : Myntra acquisition is for scale not for cost. 13:00 - Sachin Bansal : Our role model is more of Alibaba group than Amazon because it is more suited for Indian market. Checkout the shareholding structure and revenues of Mynra: Foreign holdings control 34% of Myntra equity shares 13:02 - Post acquisition, Myntra and Flipkart will account for 50% marketshare in Fashion. FLIPKART - MYNTRA DONE DEAL Sachin Bansal says: Together we will have over 50% market share; Myntra alone is at 30% — Shereen Bhan (@ShereenBhan) May 22, 2014 13:20 - They can't comment on investment size, how the deal is structured, cash or stock. 13:25 - Myntra employees who have esops will be getting Flipkart stock. (Still need further clarification on this.) 13:33 - No comment on whether there is any clause on how long Mukesh will have to be…
