The chief of Flipkart Group‘s Myntra-Jabong said on Friday, November 16, he will continue to lead operations at the fashion unit after a reshuffle in the ranks following the ouster of group CEO Binny Bansal.
“I’m very excited about Myntra,” Ananth Narayanan, chief executive of Myntra-Jabong told Reuters in an interview after Indian media reports that he was likely to quit after he was made to report into Kalyan Krishnamurthy, Flipkart‘s CEO and effectively the new group head.
Binny Bansal the chief of Flipkart Group resigned after an internal probe into what parent Walmart Inc said was “serious personal misconduct”. The misconduct accusations followed an allegation of sexual assault, two sources previously told Reuters.
According to Livemint, Walmart is expected to carry out a massive layoff at Jabong and integrate the online fashion retailer into Myntra. Currently, Jabong has 600-700 employees, a majority of whom would be possibly retained and might become employees of Myntra.
The Jabong site will continue to run but the website traffic will be directed to Myntra, once it is merged with Myntra completely, reports Livemint.
The technology section of the Economic Times reported that Jabong could lay off about 40-50% of its 400 employees.
Walmart, which owns a majority stake in Flipkart, is looking to incorporate Myntra and Jabong with that of Flipkart’s fashion business. The two entities have been brought under the control of Flipkart CEO Kalyan Krishnamurthy, adds the report.
The chief executive officer of Indian online fashion retailer Myntra, Ananth Narayanan, had decided to resign, days after the co-founder and group chief executive of its parent Flipkart stepped down, the Times of India reported on Friday.
Bengaluru-based Myntra, which was bought by e-commerce group Flipkart in 2014, could also see a job cut of up to 500 people, the paper reported citing sources.
Myntra Chief Financial Officer Dipanjan Basu has also decided to put in his papers, the paper said.
Flipkart did not comment on the report. Myntra did not immediately respond to a Reuters request for comment.
Flipkart Group CEO Binny Bansal resigned earlier this week following allegations of sexual assault that date back to a few years.
Walmart Inc bought a roughly 77% stake in Flipkart in May for $16 billion.
(Reuters)