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(Photo Source: Rediff) <ul><li><keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword> is seeing a management shakeup with key leaders including its head resigning from their respective posts. </li><li>The online fashion retailer’s Chief Executive Officer (CEO), Ananth Narayanan, stepped down from his role in the company, Mint reported on Monday. </li><li>Other top-notch officials including Mithun Sundar, the company’s Chief Revenue Officer (CRO) and Manpreet Ratia, who heads Human Resource for the company, have also resigned from their posts. </li><li>Overall <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> has fired nearly 200 employees from its fashion units, Myntra and <keyword id="6388367" type="LOCATION" weightage="20" keywordseo="jabong">Jabong</keyword>, but has been trying to hold onto their employees and executives via retention packages, according to media reports. </li></ul>Just weeks after Binny Bansal’s <a href="https://www.businessinsider.in/allegations-left-me-stunned-flipkarts-binny-bansal-resigns-denying-claims-of-personal-misconduct/articleshow/66619043.cms">controversial</a> resignation as Flipkart Group’s CEO last month, its subsidiary, Myntra, is seeing a management shakeup of sorts with key leaders resigning from their respective posts. Most recently, the online fashion retailer’s Chief Executive Officer (CEO), Ananth Narayanan, stepped down from his role in the company as per a Mint <a href="https://www.livemint.com/Companies/SBP6RB7kvaAbDtlES1dLRO/Myntra-chief-Ananth-Narayanan-quits-firm-may-abolish-CEO-po.html">report</a>. Other top-notch officials including Mithun Sundar, their Chief Revenue Officer (CRO), and Manpreet Ratia, who heads Human Resources for the company, have also resigned from their posts. The post for company’s CEO will be abolished entirely after Narayanan’s resignation, while Flipkart’s executive Amar Nagaram may end up leading Myntra, according to the report. Myntra’s workforce is also reportedly seeing a reshuffle as the company and the subsidiary have been aggressively firing employees. So far, Flipkart has fired nearly 200 <a href="https://www.livemint.com/Companies/SBP6RB7kvaAbDtlES1dLRO/Myntra-chief-Ananth-Narayanan-quits-firm-may-abolish-CEO-po.html">employees</a> from its fashion units — Myntra and Jabong. With Flipkart recently announcing Jabong’s assimilation with Myntra across verticals, more firings are <a href="https://www.livemint.com/Companies/SBP6RB7kvaAbDtlES1dLRO/Myntra-chief-Ananth-Narayanan-quits-firm-may-abolish-CEO-po.html">expected</a> to take place. On the other hand, the fashion retailer is also seeking to hold onto other employees and executives via retention packages that include incentives for the employees aside from their regular salary. Walmart acquired Flipkart earlier this year for $16 billion. With the retailing giant’s backing, Flipkart has been <a href="https://www.businessinsider.in/has-amazon-overtaken-flipkart-new-numbers-reopen-the-debate/articleshow/66863163.cms">competing</a> neck and neck with <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>. See also: <a href="https://www.businessinsider.in/has-amazon-overtaken-flipkart-new-numbers-reopen-the-debate/articleshow/66863163.cms">Has Amazon overtaken Flipkart? New numbers reopen the debate</a> <a href="https://www.businessinsider.in/walmart-may-have-plans-to-merge-fashion-brands-under-flipkart-but-myntras-ceo-isnt-going-anywhere/articleshow/66652526.cms">Walmart may have plans to merge fashion brands under Flipkart — But Myntra’s CEO isn’t going anywhere</a> <a href="https://www.businessinsider.in/allegations-left-me-stunned-flipkarts-binny-bansal-resigns-denying-claims-of-personal-misconduct/articleshow/66619043.cms">‘Allegations left me stunned’: Flipkart’s Binny Bansal resigns denying claims of ‘personal misconduct’</a>

Myntra is in the middle of a management shakeup after key leaders resign in succession

Online shoppers in India are catching up to the hype that is the highly-anticipated <keyword id="14520" type="ENTERTAINMENT" weightage="20" keywordseo="Black-Friday">Black Friday</keyword> sale. The sale, which is happening on the 24th of November is forcing online stores such as eBay, Flipkart, Jabong, Nykaa and <keyword id="6354743" type="LOCATION" weightage="20" keywordseo="Amazon-India">Amazon India</keyword> to offer crazy deals store-wide even though Thanksgiving is not widely celebrated in the Indian subcontinent. 
	
	
	
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 How popular are the online stores during Black Friday? ●The number of searches for the term ‘Black Friday’ increased by 31.56% between November 2014 and November 2015. The following year, the search volume went up another 29.97%. This means, during the month of November online shoppers are on the lookout for this event. ●Searches for Amazon India skyrocketed to a total of 103.02% since Black Friday 2014. The search for Books and electronics topped the list of most sought-after items on the site. ●Indians boosted searches for Paytm, the country’s largest e-commerce website, by 42.59% in the same duration (2015 to 2016). For the years before (2014 to 2015), the forage for Paytm on <keyword id="6355629" type="ORGANIZATION" weightage="20" keywordseo="Google">Google</keyword> also saw a spike of 70.96%. What to expect this year during Black Friday 2017 ●Popularity of Black Friday will go up to an 28.02% this year. Since there are more than 500 thousand search in the year 2016. With our data Google saw at least a 100 thousand more searches each year making it more likable to surge in search number this year. ●Paytm will have a boost of an extra 14.22 % this year. Black Friday is definitely becoming more popular in India year-on- year with more online retailers in India taking this as an opportunity to push more sales or must have items. The study focuses on the growth of Black Friday through Google search and interest in November 2014, 2015 and November 2016. All numbers were pulled using Google keyword planner and and SimilarWeb by combining searches related to Black Friday and retailers celebrating the event in India by black-friday.sale.

Black Friday is turning into a online festival for Indian customers

<ul><li>As Walmart-owned <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> moves towards a possibly $10 billion initial public offering (IPO), it seems to be shedding flab with a nearly $300 million write off in Jabong.</li><li>Flipkart India CEO Kalyan Krishnamurthy described 2020 as the year when the company turned ‘financially prudent’, without adding any details.</li><li>Judith McKenna, president and chief executive of Walmart International, said that even after Flipkart being shut for 53 days in 2020 due to the COVID-19 pandemic, the e-commerce business closed the year stronger than it started.</li><li>For Flipkart, in 2021, the focus will be on grocery and fashion bringing loyal customers through its subscription programme and investing in technology and infrastructure.</li></ul>Digging inside Walmart's earnings has revealed a lot about what's happening at Flipkart. As the India-born e-commerce subsidiary moves towards a <a href="https://www.livemint.com/market/ipo/walmart-readies-for-10-bn-flipkart-ipo-11607300769974.html">possibly</a> $10 billion initial public offering (IPO), it seems to be shedding flab with a nearly $300 million write off in one of its units. As Walmart boss Doug Mcmillon wants to “step on the gas” in India, Flipkart chief executive officer (CEO) Kalyan Krishnamurthy has decided to focus on areas like grocery and fashion as well as investments in technology and infrastructure. <div type="Youtube" id="zUinE3RR_nU" title="Flipkart Gets Leaner With A $300 Million Jabong Write-Off" thumbUrl="https://i.ytimg.com/vi/zUinE3RR_nU/mqdefault.jpg"></div> Krishnamurthy described 2020 as the year when Flipkart turned ‘financially prudent’. While he didn’t add any details, inside Walmart’s earnings report, there were “business restructuring charges” including $293 million non-cash impairment for the <a href="http://jabong.com/">Jabong.com</a> trade name. Business Insider reached out to Flipkart for more inputs but the spokesperson said that they have nothing more to add. <keyword id="1484171" type="COMPANY" weightage="20" keywordseo="jabong-com">Jabong.com</keyword> was a fashion e-commerce entity that Flipkart had acquired through Myntra in 2016 and eventually absorbed it. <cmsannotation type="cmsannotation" annotationid="A step towards IPO?" comment="subhead" text="A step towards IPO?">A step towards IPO?</cmsannotation> Such restructurings are common when a company is planning to go public. It makes the IPO more attractive. Walmart is reportedly preparing Flipkart for a big market debut possibly in the US – a $10 billion initial public offering (IPO). The listing is expected to boost Flipkart’s valuation to $40 billion from the current $24.9 billion. While the company hasn’t given a timeline or details for the market offering, <a href="https://www.livemint.com/market/ipo/walmart-readies-for-10-bn-flipkart-ipo-11607300769974.html">reports</a> say that it could be in 2021 with Walmart divesting a 25% stake in the company. <div type="image" title="Flipkart valuation history - December 2020" msid="81105071" hostid="261" caption="&amp;lt;p&amp;gt;Flipkart valuation history until December 2020&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Shedding past baggage is one thing, focussing on the future is another" comment="subhead" text="Shedding past baggage is one thing, focussing on the future is another">Shedding past baggage is one thing, focussing on the future is another</cmsannotation> Walmart is clearly very bullish on Flipkart. Both Walmart CEO Mcmillion and Judith McKenna, president and chief executive officer (CEO) of Walmart International were all praises for the team in India during the earnings call. McKenna said that Flipkart has doubled its gross merchandising value (GMV) despite being shut for 53 days due to the COVID-19 pandemic. “The e-commerce business closed the year stronger than it started,” she added. GMV is the total value of merchandise sold on a platform. When asked about the focus for 2021, Krishnamurthy lined up grocery, fashion, and onboarding loyal customers through their subscription programme. In fashion, Flipkart has already made some moves, but the attractive grocery segment is going to be a challenge. Investments made by Flipkart in the apparel industry recently <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investment by Flipkart </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">USPL (Universal Sportsbiz Pvt Ltd) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla Fashion Retail Limited </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,500 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Arvind Fashions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹260 crore </td></tr></tbody></table> In grocery, Flipkart has betting big on itself through Flipkart SuperMart and an investment in <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-and-flipkart-invest-in-ninjacart-again-to-bump-up-its-grocery-offerings-ahead-of-the-festive-season/articleshow/78617012.cms">Ninjacart.</a> “We are going to partner with the roughly million kirana stores in our ecosystem,” he said. Kirana is the Hindi word for mom-n-pop stores in India and is the latest buzzword in the race for online grocery retail where some of the richest and mightiest business houses in the country are making big investments. JioMart, which is Reliance Retail’s e-commerce debut, owned by India’s richest man Mukesh Ambani, is targeting 30 million merchants and he is backed by Facebook and WhatsApp for this project. The $100 billion Tata Group, one of India’s oldest and largest conglomerates, has reportedly closed a deal to acquire BigBasket, one of the early birds in India’s online grocery market. Meanwhile, Flipkart is also betting big on adtech (Advertising technology). Krishnamurthy said that Flipkart’s advertising platform is currently one of the top five in India today. Flipkart is strengthening its advertising and monetisation portfolio and has announced the launch of a custom built demand-side platform (DSP). It recently partnered with <a href="https://www.businessinsider.in/advertising/ad-tech/news/flipkart-launches-commerce-focused-self-serve-demand-side-platform/articleshow/80919844.cms">MediaMath</a> to launch its demand-side platform. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-denies-dodging-indian-regulations-but-the-government-is-already-investigating-and-rivals-want-a-ban-on-jeff-bezos-company/articleshow/81088953.cms">Amazon denies dodging Indian regulations⁠ but the government is already investigating and rivals want a ban on Jeff Bezos’ company</a> <a href="https://www.businessinsider.in/entertainment/news/pewdiepies-lyrics-targeting-cocomelon-and-jk-rowling-that-may-have-gotten-youtube-angry-enough-to-pull-the-video-down/articleshow/81102941.cms">PewDiePie's lyrics targeting CoComelon and JK Rowling may have gotten YouTube angry enough to pull the video down</a>

Flipkart gets leaner with a $300 million Jabong write-off as CEO Kalyan Krishnamurthy lists out the priorities for 2021

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Myntra is in the middle of a management shakeup after key leaders resign in succession

BI India Bureau

Black Friday is turning into a online festival for Indian customers

Tanya Dubey

Flipkart gets leaner with a $300 million Jabong write-off as CEO Kalyan Krishnamurthy lists out the priorities for 2021

Sanchita Dash

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