New Delhi: Online retailer Myntra will continue to run as a separate business even as the company’s chief executive officer Ananth Narayanansaid he had not resigned from the company.
Myntra will remain separate firm, says Ananth Narayanan
Earlier this week Walmart Inc, which owns Flipkart and Myntra, had said that Narayanan would report to Flipkart chief executive Kalyan Krishnamurthy after the exit of group CEO Binny Bansal. The move led to speculation that Myntra would be integrated with Flipkart’s fashion business.
But on Friday, Narayanan said in an interview that Myntra would continue to run as an independent company under his leadership.
Instead Myntra will completely integrate Jabong, which will continue as a brand and separate platform. The move will lead to some redundancies and about 10% of the combined workforce of Myntra and Jabong would be cut, Narayanan said.
“Ever since we bought Jabong we’ve been integrating the supply chain and tech. Now we’ve decided to integrate the org (Jabong organisation) 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 continue 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 EORS (End of Reason Sale) and we remain focused on innovating and bringing the best experience for customers for the sale,” Narayanan said.