Myntra’s Private Labels Head Quits

Fashion and lifestyle ecommerce behemoth Myntra’s Private Labels Head Manohar Kamath has reportedly left the company.

Further, the ET report added that Tribikram Mishra, vice-president and head of the Roadster brand has also left to join Mensa Brands, which is run by former Myntra chief executive Ananth Narayanan.

Kamath, having joined Myntra in 2016, is a veteran in the fashion and retail industries, having worked with brands such as Shoppers Stop, Globus, Arvind Mills and Crossword Books. He was the COO of Shoppers Stop before joining Myntra.

At Myntra, the former private labels head built a portfolio of brands, including Mast and Harbour, Dressberry, Sangria, Invictus, Harvard and Moda Rapido, among others. By 2017, Myntra was building its private labels to constitute up to 40% of its gross merchandise value (GMV).

On the other hand, Roadster, the Mishra-led brand, is Myntra’s biggest private label with its GMV crossing INR 1,500 Cr in 2022.

The current top deck at Myntra, which competes with Reliance’s Ajio and Tata’s Tata CliQ, along with Snapdeal and Nykaa, among others, includes the likes of CBO Sharon Pais, CFO Abhishek Gupta, CPTO Raghu Krishnanda, and CHRO Nupur Nagpal.

All of the top executives report to CEO Nandita Sinha and he directly reports to Flipkart Group CEO Kalyan Krishnamurthy.

Sinha’s appointment as Myntra CEO in late 2021 following the departure of the then-CEOO Amar Nagaram saw multiple high-profile executives leave. These included CFO Ramesh Bafna and CMO Harish Narayanan. Bafna joined the troubled fashion startup Zilingo for a very short stint and then joined Zepto.

Nagaram launched fashion startup Virgio which secured $37 Mn in a Series A round led by Prosus Ventures, Accel and Alpha Wave.

Myntra reported a 40.5% increase in its loss to INR 597 Cr in the financial year 2021-22 (FY22) from INR 424.9 Cr in FY21 on the back of a rise in its expenses, particularly for advertisement and business promotion.

While the company’s total revenue reached INR 3,501.2 Cr in FY22 from INR 2,407 Cr in FY21, its total expenses surged almost 1.5X in FY22 to INR 4,206.9 Cr from INR 2,891.5 Cr in the prior fiscal year.

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