Myntra may see cut in workforce after CEO exit

BENGALURU: As Myntra CEO Ananth Narayanan and CFO Dipanjan Basu come to a decision to put in their papers, after Flipkart cofounder Binny Bansal’s go out from the corporate, the fashion portal may additionally see its general personnel cut through a significant number, assets stated.

Two Myntra executives separately advised TOI about talks of a potential cut in personnel doing the rounds within the company for a couple of months. Sources added this number may well be 100, going as much as as high as 400-500. Narayanan joined Myntra as CEO in July 2015, taking up from Myntra co-founder Mukesh Bansal, who used to be on his method out from the fashion-focused e-tailer. Narayanan came to Myntra from Mckinsey & Co. He joined the corporate at a time when a number of executives from consultancy firms were joining Flipkart staff firms and different most sensible internet majors. Basu joined the corporate from Wipro a bit of over two years ago.

Flipkart in a flip: Myntra CEO & CFO give up

The organisational rejig after Bansal’s go out, introduced through majority owner Walmart, had Narayanan reporting to Flipkart CEO Kalyan Krishnamurthy. People tracking the corporate had right away began speculating on Narayanan continuation at Myntra because it used to be claimed that he didn't proportion the most efficient of members of the family with Krishnamurthy.

At the time of filing of this file, Myntra group of workers used to be but to learn in regards to the go out in their CEO and CFO. “There were query marks over the future of Jabong and doable value trimming of personnel,” a mid-level staffer stated. Most just lately, Jabong’s CEO Gunjan Soni had resigned from the corporate along side Ananya Tripathi who used to be head of strategy and class industry.

Narayanan at Myntra had attempted to scale the personal label industry with manufacturers like Roadster and likewise driven the corporate’s foray into offline channel with brick-and-mortar shops. Flipkart's vogue industry is headed through Rishi Vasudev. Flipkart has previous claimed its vogue industry had surpassed Myntra in gross sales. Under Narayanan, the corporate has additionally been seeking to inch closer to profitability. Myntra's losses went down through about 25% to Rs 655 crore for the monetary yr finishing 2017.

He began building new companies like attractiveness products and equipment. Sources say long term of those new companies remains unsure with Narayanan shifting on from Myntra.
Myntra may see cut in workforce after CEO exit Myntra may see cut in workforce after CEO exit Reviewed by Kailash on November 16, 2018 Rating: 5
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