SUMMARY
Myntra CEO will continue to lead
Myntra's independence as a business will be "preserved"
Jabong brand will also be retained
Putting rest to all speculations, Myntra has finally issued its statement in media. According to a company statement, Myntra and Jabong will now fully integrate all the remaining functions including technology, marketing, category, revenue, finance, and creative teams.
“Since Myntra’s purchase of Jabong in mid-2016, the two brands have been steadily integrating key business functions and streamlining processes. This has resulted in revenue growth and a significant improvement in the customer experience,” the company said.
It further added that the closer integration of Myntra and Jabong is a necessary step in the company’s continuing development. By better aligning its resources with the long-term plans, they can put the best structure in place to serve the sellers and brand partners and ultimately benefit the customers.
Myntra also cleared the clouds over the status of the CEO Ananth Narayanan. As per media statements, he will continue to lead the team. “Myntra’s independence as a business will be “preserved”. The Jabong brand will also be retained,” the statement added.
In a statement on Thursday (November 15), Krishnamurthy said he is committed to growing the Myntra business. “The Flipkart group is committed to the success of Myntra and growing the business, now more than ever… We want to empower the Myntra team to continue to operate independently to achieve even greater success.”
Earlier today, media reports quoted sources suggesting potential lay-offs in the Flipkart Group companies including Flipkart, Myntra and Jabong. Some media reports further reported that as the Flipkart founders move out from the company, at least 20 senior executives at Walmart-acquired Flipkart have reportedly floated their resumes to explore job opportunities.
Both Myntra and Jabong have been brought under the control of Flipkart CEO Kalyan Krishnamurthy following cofounder Binny Bansal’s exit as Group CEO earlier this week.
