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(Photo Source : <keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword>) <ul><li>The CEO of <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s fashion brand Myntra, Ananth Narayanan, said that he is going to continue lead operations in the fashion unit. </li><li><keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> is currently in the process of restructuring Flipkart after the abrupt resignation of former CEO and co-founder <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword>. </li><li>The e-commerce has already announced plans of rolling Myntra and Jabong into Flipkart, and now reports indicate that the two fashion entities may come under one umbrella. </li></ul>After the announcement of Binny Bansal’s <a href="https://www.businessinsider.in/flipkart-group-ceo-binny-bansal-steps-down-following-allegations-of-serious-personal-misconduct/articleshow/66608441.cms">resignation</a> from the Walmart-owned Flipkart Group, reports speculated that the Ananth Narayanan, the CEO of their fashion brand, Myntra, would likely resign. But it seems as though he’s here to say with <a href="https://in.reuters.com/article/myntra-ceo/flipkart-group-fashion-unit-chief-says-to-continue-in-role-idINKCN1NL0KJ">Reuters</a> reporting he is excited about Myntra going forward. According to a <a href="https://www.livemint.com/Companies/PgkNUOseOWncBjl30Ib9eO/Walmart-to-layoff-200-at-Jabong-today-merge-it-with-Myntra.html">report</a> by LiveMint, Walmart is planning on completely integrating Jabong into Myntra only days after announcing that the fashion brands would be rolled into Flipkart. Sources are afraid that this may lead to nearly 200 layoffs. What was the confusion? Binny Bansal’s abrupt resignation led Walmart to name Kalyan Krishnamurthy as the new CEO of the Flipkart Group. According to recent <a href="https://timesofindia.indiatimes.com/business/india-business/flipkart-in-a-flip-myntra-ceo-cfo-quit/articleshow/66644142.cms">media reports</a>, Narayanan did not share a ‘friendly’ rapport with Krishnamurthy. Even without any change in Narayanan’s position at the organisation, he would now be reporting to Krishnamurthy instead of Bansal which many speculated would cause friction. Till now, Myntra, while being a subsidiary of Flipkart, has operated more-or-less independently. Krishnamurthy maintains that, even with Jabong merging with Myntra, the fashion brand will continue to have the same level of autonomy. Bansal, who <a href="https://www.businessinsider.in/allegations-left-me-stunned-flipkarts-binny-bansal-resigns-denying-claims-of-personal-misconduct/articleshow/66619043.cms">denied</a> all the charges of ‘personal misconduct’ in his last letter to employees, is currently undergoing an independent investigation.

Walmart may have plans to merge fashion brands under Flipkart — But Myntra’s CEO isn’t going anywhere

In a bid to ramp up the operations, technology and ethnic offerings, <a href="http://www.businessinsider.in/searchresult.cms?query=flipkart&amp;sortorder=effectivedate">Flipkart</a> raised the annual budget of <a href="http://www.businessinsider.in/searchresult.cms?query=myntra&amp;sortorder=effectivedate">Myntra</a>. <keyword id="319719" type="COMPANY" weightage="100" keywordseo="Myntra">Myntra</keyword>, which was acquired by <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> in 2014 for $300 million, will also use the budget to invest in at least three small to medium ethnic brands. "This year we got 25% extra money from the Flipkart board," said Myntra CEO <keyword id="6397414" type="UNKNOWN" weightage="20" keywordseo="Ananth-Narayanan">Ananth Narayanan</keyword>. "We will just invest in those brands and that will eventually be run by the entrepreneurs. In addition to our operating budget, our board has asked us to thoughtfully invest more in areas such as technology and brands which will help us continue on our growth trajectory and achieve profitability by March 2018," Narayanan told ET in an interview. Flipkart has funds to rake in Myntra as it had raised $1.4 billion funding from global giants <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword>, eBay and WeChat-investor Tencent. Narayanan said, “The additional budget will boost Myntra's chance of reaching its milestone of becoming profitable by March 2018 along with <a href="http://www.businessinsider.in/searchresult.cms?query=jabong&amp;sortorder=effectivedate">Jabong.com</a>.”

Flipkart is pumping money in Myntra to ramp up operations; hikes annual budget by 25%

(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

<ul><li><keyword id="6397414" type="UNKNOWN" weightage="20" keywordseo="Ananth-Narayanan">Ananth Narayanan</keyword> was one of the most high profile exits from Flipkart, after it was acquired by Walmart. </li><li>Narayanan has now joined e-pharmacy startup <keyword id="3873233" type="PERSON" weightage="20" keywordseo="Medlife">Medlife</keyword>. </li><li>Medlife, which was started in 2014, reportedly does 20,000 deliveries in a day.</li></ul>Ananth Narayanan, who quit Flipkart owned Myntra after the acquisition by Walmart, has now joined Medlife as its <a href="https://www.livemint.com/companies/people/former-myntra-jabong-ceo-ananth-narayanan-joins-medlife-1564991124569.html">CEO</a>. There were rumours that Narayanan left his position as Myntra Jabong’s CEO because of his misalignment with Flipkart CEO Kalyan Krishnamurthy. Even while Narayanan was working for the company, reports said that he could join the Indian OTT platform Hotstar. However, he is now part of <keyword id="2868700" type="PERSON" weightage="20" keywordseo="online-pharmacy">online pharmacy</keyword> startup. Medlife was founded in 2014 by Tushar Kumar and Prashant Singh, and helps patients and doctors manage their files online. The company claims to perform 20,000 deliveries across India and is reportedly in talks with pharma giant Cipla for a funding round. Cipla could invest <a href="https://timesofindia.indiatimes.com/business/india-business/cipla-in-talks-to-back-e-pharmacy-medlife/articleshow/70489577.cms">₹170 crore </a>in the e-pharmacy startup. There were also reports that <a href="https://www.business-standard.com/article/companies/softbank-in-talks-to-invest-70-million-in-indian-e-pharmacy-medlife-119061301247_1.html">SoftBank</a> too was looking at investing in the startup. Bengaluru-based Medlife had also acquired its competitor <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/medlife-acquires-myra-to-take-epharma-service-to-22-cities/articleshow/69193813.cms">Myra Medicines</a> earlier in May 2019, expanding its deliveries to 22 cities in India.

Former Myntra CEO Ananth Narayanan joins online pharmacy Medlife

In what is being termed as the biggest acquisition ever in the Indian e-commerce space, online retailer <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> has bought out fashion e-tailer <keyword id="319719" type="COMPANY" weightage="100" keywordseo="Myntra">Myntra</keyword>.com. The move is being seen as a response to counter its fast-growing rival <keyword id="541988" type="COMPANY" weightage="60" keywordseo="SnapDeal">Snapdeal</keyword>. 
 
Although it was not officially confirmed, analysts’ speculations pegged the buyout at over $300 million. 
 
However, both companies will work independently for now and there is no immediate plan to merge their fashion businesses. 
 
As per the deal, Myntra CEO Mukesh Bansal will join Flipkart’s board and will head the fashion vertical at both Flipkart and Myntra. While Myntra employees will ‘remain in current positions,’ they will also be offered stock options in Flipkart. 
 Flipkart co-founder <keyword id="225032" type="PERSON" weightage="100" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> insisted that it was a ‘completely different acquisition story’ as it was not ‘driven by distress.’ The heads of both the companies said they were scripting “one of the largest e-commerce stories.” 
 
According to Mukesh Bansal, Myntra alone holds 30% of the market share and together, both the companies will account for 50% of the online fashion market. “We hope to take this figure to about 60-70% in the long term,” he said. 
 
Sachin Bansal further said that Flipkart would invest $100 million in its own fashion vertical in the near future.

Flipkart Acquires Fashion E-tailer Myntra For $300
Million

Come January and the US, Europe natives would get to see a road show done by Indian fashion and lifestyle e-commerce company <keyword id="319719" type="COMPANY" weightage="100" keywordseo="Myntra">Myntra</keyword>. Ananth Narayanan, Myntra’s CEO, and his team would head to various cities of Europe and the United States for a road show to attract and enroll global fashion brands so that they can sell their stuff with Myntra. The e-commerce company aims to treble its sales from international labels by mid-2017. 
 
In the US, cities that would see this unique road show are New York, Chicago, Boston and San Francisco. 
 
"There are a few other spots that are generally not on the global fashion map (and they) are China and South Korea. They are interesting for us," Narayanan told ET. "We will also get some brands from there, and we are geared up early next year." 
 
At present, more than 25 international brands including Nike, Adidas, Puma, Lee, Levis, Arrow, Mango, Diesel, CAT, Harley Davidson, Ferrari, US Polo and Marks &amp; Spencer are listed with Myntra. 
The encouragement for this road show had com from the thrilling response that its latest international offering of Forever 21 brand has garnered. The brand was launched earlier this month and generated sales of almost Rs 80 lakh on the first day itself. 
Myntra's present share from its international brands makes for about 5% of its total revenue, and the Flipkart-owned company wants to increase it to 15% in the next 12-18 months. 
 
Narayanan also told that Myntra would be inviting global fashion experts so that they can educate its consumers about fashion and their respective brands. This would also help Myntra in growing fashion business on its site. 
 
<a href="http://s3.india.com/wp-content/uploads/2015/05/myntra-logo-111.jpg">Image source</a>

You Searched For "Myntra CEO" and got 6 results

Walmart may have plans to merge fashion brands under Flipkart — But Myntra’s CEO isn’t going anywhere

BI India Bureau

Flipkart is pumping money in Myntra to ramp up operations; hikes annual budget by 25%

BI India Bureau

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

BI India Bureau

Former Myntra CEO Ananth Narayanan joins online pharmacy Medlife

Sanchita Dash

Flipkart Acquires Fashion E-tailer Myntra For $300 Million

BI India Bureau

Myntra all set for road shows in Europe and US to attract international brands

BI India Bureau

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