Myntra CEO clears air, says no reason to quit
Myntra CEO Ananth Narayanan on Friday denied reports he had resigned and said the online retailer will continue to run as a separate business
New Delhi: Myntra chief executive officer (CEO) Ananth Narayanan on Friday denied reports he had resigned and said the online retailer will continue to run as a separate business.
Earlier this week, Walmart Inc., which owns Flipkart and Myntra, said Narayanan would report to Flipkart chief executive Kalyan Krishnamurthy in the wake of group CEO Binny Bansal’s exit. The move led to speculation that Myntra would be integrated with Flipkart’s fashion business.
However, on Friday, Narayanan said in an interview that Myntra would continue to run as an independent company under his leadership.
Myntra will completely integrate Jabong, which will continue as a brand and separate platform. The move will lead to some redundancies and the combined workforce of Myntra and Jabong would be reduced by about 10%, Narayanan said.
Mint reported on Thursday that Myntra will integrate Jabong and cut about 150-200 jobs.
“Since we bought Jabong we’ve been integrating the supply chain and tech. Now we’ve decided to integrate the org (Jabong organization) as well. Myntra and Jabong will continue to run as distinct platforms but they will be run by one team,” he said.
Narayanan dismissed speculation that he was leaving Myntra. He also said that while Flipkart and Myntra might work more closely in the future, the two had enough differentiation to be run separately.
“I’m definitely going to continue as head of Myntra-Jabong. The market is at a very early stage and our focus is on expanding the market. Of course, it’s been a tough week with Binny leaving but our immediate priority is End of Reason Sale and we remain focused on innovating and bringing the best experience for customers for the sale,” Narayanan said.
Still, analysts expect Myntra to lose at least some senior leaders after the restructuring. Last month, chief marketing officer Gunjan Soni and chief strategy officer Ananya Tripathiquit. More leaders are expected to follow.
“Both Ananya and Gunjan left to pursue really senior jobs and that’s a sign of how well our leaders are perceived. We have a very strong bench at Myntra, so while people may come and go we are confident we can handle any transition smoothly. We also continue to hire,” Narayanan said.
Editor's Picks »
- Insurance startup Turtlemint raises $25 million from Sequoia, Nexus, Blume Ventures
- Cabinet nods integrated ITR filing system, Infosys to implement ₹4,242 crore project
- Moody’s cautions investors on financials of PSU lender IREDA
- Govt eases procedure for startups to seek tax exemption on investments from angel funds
- India to bar private refiners from tapping Iran oil quota
- Why Tata Motors’ Project Charge at JLR is failing to recharge its shares
- Outlook on global profit growth worst since 2008 financial crisis
- Q3 results: ICICI Securities loses its retail broking crown
- High drug approvals to keep up pricing pressure for pharma firms
- Roads sector: Toll collections set to surge, but risks loom for developers