Jabong to merge with Myntra and abort operations of 200 employees: Reports
Just when the news of Myntra CEO Ananth Narayanan's resignation was doing the rounds, news of Jabong merging with Myntra came up. According to sources, Walmart will lay off 200 employees at Jabong and integrate the online fashion retailer into Myntra. The report says that Jabong layoffs are expected to be announced at a town hall today.
Jabong currently has 600-700 employees, who will become employees of Myntra after the merger. Around 150-200 employees are expected to stop working, claims reports.
Besides, the Jabong site will keep on working, which however will redirect to Myntra's official website.
The US retail giant, which completed its $16 billion purchase of a majority stake in Flipkart Group in August, has already announced it will merge Myntra and Jabong into Flipkart.
The news came after Myntra CEO Ananth Narayanan and CFO Dipanjan Basu have supposedly quit, post Flipkart CEO Binny Bansal's exit from the company on the charges of grave 'personal misconduct'.
Also Read: http://www.catchnews.com/business-economy-news/flipkart-s-turmoil-to-persist-after-myntra-ceo-and-cfo-resign-post-binny-bansal-s-exit-140265.html?utm_source=CatchNewsFacebook&utm_medium=Social