Putting rest to all the media speculation, Ananth Narayanan said in a media statement, that he will continue to lead Myntra–Jabong as its Chief Operating Officer.
“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.
The industry was rife with speculations after the two fashion units were put under direct control of Flipkart CEO Kalyan Krishnamurthy. Flipkart’s fashion e-tailer Myntra has confirmed that it will continue to remain as an independent entity.
Although, Myntra will be integrating Jabong, and it will continue as a brand and separate platform.
“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. As the next step in this process, Myntra and Jabong will now fully integrate all the remaining functions including technology, marketing, category, revenue, finance and creative teams,” the company said in a statement.
The move to integrate Jabong into Myntra will result in some redundancies, so the combined workforce will be downsized by 10%, to keep the integration consistent and efficient.
Earlier today, it was reported that Myntra could see a significant reduction in its workforce by 100, going up to 500.
The news of Myntra staying an independent entity, under Ananth Narayanan’s charge, is set to bring some cheers to its employees, while the downsizing might cause some tension.