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Myntra CEO Ananth Narayan rubbishes rumours of quitting

Speed News Desk | Updated on: 17 November 2018, 11:07 IST

Amid rumours of Myntra's CEO Ananth Narayan calling off his job, he denied the rumours of his resignation and sai that the online retailer will continue to work as a separate entity.

Earlier this week, Walmart Inc., which owns Flipkart and Myntra, said Narayanan would report to Flipkart chief executive Kalyan Krishnamurthy in the wake of group CEO Binny Bansal’s exit. The move led to speculation that Myntra would be integrated with Flipkart’s fashion business.

However, on Friday, Narayanan said in an interview to Livemint that Myntra would continue to run as an independent company under his leadership.

Myntra will completely integrate Jabong, which will continue as a brand and separate platform. The move will lead to some redundancies and the combined workforce of Myntra and Jabong would be reduced by about 10%, Narayanan said.

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.

Also Read: Jabong to merge with Myntra and abort operations of 200 employees: Reports

Myntra will completely integrate Jabong, which will continue as a brand and separate platform. The move will lead to some redundancies and the combined workforce of Myntra and Jabong would be reduced by about 10%, Narayanan 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 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 End of Reason Sale and we remain focused on innovating and bringing the best experience for customers for the sale,” Narayanan said to Livemint.

First published: 17 November 2018, 11:07 IST
 
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