Myntra reshuffles top deck, co-founder Ashutosh Lawania quits
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Bengaluru: Online fashion retailer Myntra on Thursday named marketing chief Gunjan Soni the new head of Jabong, a rival it bought last July, and said its co-founder Ashutosh Lawania has quit to start a new venture. The Flipkart-owned company is in the process reshuffling its top deck following the departure of several key executives in the past six months.
Lawania, Mukesh Bansal, who currently runs his own venture CureFit, and Vineet Saxena had co-founded Myntra in 2007, around the time when Sachin and Binny Bansal started Flipkart.
Myntra also named long-time company executive Naresh Krishnaswamy head of sales, while human resources head and former Amazon executive Manpreet Ratia is to take over the supply chain side of the business.
“As we continue on our journey to build a long-lasting and innovative fashion and lifestyle destination, we have made some strategic management changes to help drive continued growth,” Myntra chief executive Ananth Narayanan said.
Over the past six months, Myntra has witnessed some key top-level departures including those of chief technology officer Shamik Sharma, head of commerce Prasad Kompalli and head of fashion brands Abhishek Verma.
The latest reshuffle comes at a time when Myntra is attempting to consolidate its position as the market leader in the fashion category, while at the same time working towards profitability. In earlier interviews, Narayanan has said Myntra would aim to hit $2 billion in annual revenue run rate and also turn profitable during 2017-18. A $2 billion annual revenue run rate implies monthly sales of roughly $165 million.
Mint reported on 6 February that Myntra posted better-than-expected sales of over Rs850 crore in January and touched an annual revenue run-rate of $1.6 billion. In January and July, when Myntra holds its heavily advertised End of Reason sale, the online retailer generates significantly higher sales than parent firm Flipkart and rival Amazon India. The two months also see clearance sales at offline retailers.
Last year, Myntra had forecast gross sales, net of discounts, of roughly Rs5,000 crore for this financial year. In an interview in January, Narayanan said Myntra would fall marginally short of the target by about “Rs200-odd crore”. In an interview with Mint earlier this month, Narayanan said Myntra would report numbers slightly higher than its revised guidance.