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<br /> India’s ecommerce giant <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> is in acquiring mode. The intention is to be an online market where each and everything under the sun will be available for grab. And how to achieve so?<br />
<br />
Well, as per a news report in The Economic Times, Flipkart is scouting for more mobile-focused companies to acquire this year, both for their technology and employees, as it looks to build capabilities that it expects will give it an edge over rivals.<br />
<br /> "Overall, we feel that the startup ecosystem is growing very rapidly and most innovation is on the mobile platform, so we are very actively looking at every opportunity for talent purposes," Mukesh Bansal, head of Flipkart's commerce platform and chief executive of its fashion arm <keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword> told the ET.<br />
<br /> As per the ET report, Flipkart has bought mobile marketing automation platform Appiterate for an undisclosed sum last month. In March, it acquired mobile ad network AdIQuity, and in January, bought a stake in auctions startup <keyword id="2849071" type="UNKNOWN" weightage="20" keywordseo="WeHive-Technologies">WeHive Technologies</keyword>.<br />
<br />
Sachin Bansal, group CEO of Flipkart and the head of its newly carved advertising business, told the financial daily, the company will begin advertising on Myntra's mobile app in a few months. "We are thinking of native and video advertising on the mobile and are experimenting with that," he said. "Banners and all don't work well on mobile."<br />
 <br /> (Image: <keyword id="-101" type="COMPANY" weightage="20" keywordseo="India-Times">India Times</keyword>)<br />

If yours is a mobile focused company, Flipkart may acquire it

<p><div class="KonaFilter image-container display-table lead-image-large"><div><div class="image on-image"><p class="source"><span>Moda Operandi</span></p><p class="caption">Arpan Nanavati is the chief technology officer at Moda Operandi.</p></div><p></p></div></div></p><ul class="summary-list"><li>In his new role as chief technology officer of Moda Operandi, Arpan Nanavati is hoping to use consumer data to solve one of the industry's core problems: understanding fashion taste.</li><li>The role requires Nanavati to figure out how to better personalize recommendations for customers and deliver products more quickly, both of which are underscored by advanced technology like machine learning.</li><li>Nanavati pushes a culture of "extreme ownership" under which employees feel empowered to make decisions without explicit approval from management. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary" target="_blank" rel="noopener">Click here for more BI Prime stories.</a></li></ul><p>At face value, it may seem that groceries and luxury fashion have nothing in common. But for Arpan Nanavati, the opportunity to take the digital skills he honed at Walmart to try to disrupt the fashion industry at Moda Operandi was a no brainer.</p><p>While they are ultimately peddling different products, the job of executives in both sectors is anticipating and managing customer expectations. More commonly, those two tasks are achieved through technology like <a href="https://www.businessinsider.com/ai-promises-to-deepen-the-divide-in-the-retail-industry-2019-8">machine learning or artificial intelligence</a>. So when Nanavati came on as chief technology officer at Moda, he knew a key step to solving a pressing problem in the fashion industry was harnessing consumer information. </p><p>"Tech is driving that strategy to optimize and monetize the data," he told Business Insider. The core problems<br />"which have not been solved before is how we can leverage data and tech to understand fashion taste."</p><p>Nanavati previously served as director of engineering at Walmart Labs, where he managed the company's online grocery platform. <a href="https://www.prnewswire.com/news-releases/moda-operandi-hires-arpan-nanavati-as-chief-technology-officer-300924704.html">Now at Moda</a>, he plans to use the customer-centric mindset honed at the <keyword id="6354851" type="UNKNOWN" weightage="60" keywordseo="retail">retail</keyword> behemoth's technology arm to <a href="https://wwd.com/business-news/retail/moda-operandi-cto-q-a-1202662577/">create personalized shopping experiences</a>. He'll focus on tackling two key challenges in his new role: how to better match customers with fashion recommendations and deliver that product in the quickest way. Underscoring both of these areas is technology, which makes the role of CTO even more critical.</p><p>Moda allows consumers to purchase clothes shown in runway shows directly from the designers, a shift from the historic paradigm when major retailers like Barney's would decide what items to put on the store floor.</p><p>In his first interview since joining, Nanavati shared what he believes are the top tasks of the chief technology officers and why a culture of "extreme ownership" is critical to achieving them.</p><h2>Hire the right people and localize decision-making</h2><p>Increasingly, technology is becoming a more central part of the organization as industries like <a href="https://www.businessinsider.com/big-banks-say-expensive-tech-efforts-paying-off-in-savings-2019-6">financial services</a> and <a href="https://www.businessinsider.com/store-of-the-future-technology-list-2019-6">retail</a> pursue digital overhauls. But making it a priority comes with its own challenges, particularly for industries that <a href="https://www.businessinsider.com/mulesofts-founder-on-why-cios-could-be-the-next-ceos">traditionally viewed IT as an outpost</a> to solve issues like computer problems. </p><p>"Tech-driven strategy is very common when it's a tech company," Nanavati said. That's different than at consumer-focused companies like retailers when tech goes from being an "institutional arm to being a strategy arm." </p><p>To help navigate that shift, Nanavati tries to instill a culture of "extreme ownership" in his team. That means thinking about problems and solutions from the lens of the business owner and, in Moda's case, taking an approach that many software engineers and other tech workers may not be used to.</p><p>"In our case, [the job] is truly cross-functional because you have to be able to understand the fashion designers, your merchandising team, and not just have an engineering mindset," he said. "You have to think like an owner and you have to be able to connect the dots from the consumer perspective and the business owner perspective."</p><h2>Marrying engineering prowess with customer insights</h2><p>An <a href="https://hbr.org/2019/07/building-the-ai-powered-organization">increasing barrier to digital transformation efforts</a> is teaching employees with a traditional tech background to use what is often anecdotal evidence - like a desire among customers for quicker shipping - from other business units to develop solutions.  </p><p>And the impediment can spell doom for digital efforts. A <a href="https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/five-moves-to-make-during-a-digital-transformation">recent survey</a> of companies that pursued major tech initiatives found that just 14 percent resulted in sustained performance improvement. Culture remains a key reason for the struggle.</p><p>To try to overcome those issues, Moda localizes decision-making. The company forms what it calls "squads," or small teams that include representatives from different parts of the business, including sales and IT. Those groups physically sit together in the office and are empowered to make decisions and act on them without explicit buy-in from the top brass.</p><p>Companies will take different approaches to changing the culture to one focused on big data and advanced tech. Ultimately, however, executives need to find ways to marry the expertise of the engineering team with customer insight that is often siloed in other parts of the business to craft solutions that actually improve the consumer experience. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/sneaky-ways-credit-card-companies-make-you-spend-more-money-2019-9">Sneaky ways credit card companies get you to spend more money</a></h3>        <div>                    </div>    </div>

A CTO who jumped from the grocery business to high fashion reveals how tech leaders can push a data-driven agenda to achieve big changes in any industry

New Delhi, Jul 9 () Arvind Fashions (AFL) on Thursday said Flipkart Group has invested Rs 260 crore to pick a minority stake in its subsidiary Arvind Youth Brands. <p> Arvind Youth Brands is Arvind Fashions' recently-formed subsidiary which will own the Flying Machine brand. </p><p> "The Flipkart Group and Arvind Fashions (AFL) strengthened their partnership, through an investment of Rs 260 crore by Flipkart Group to purchase a significant minority stake in... Arvind Youth Brands which will own the Flying Machine brand," AFL said in a regulatory filing. </p><p> Arvind Fashions said Flying Machine has been retailing on the group's platforms of Flipkart and Myntra for more than six years. </p><p> "Through this investment, the Flipkart Group and Arvind Fashions will work collaboratively to identify opportunities and synergies to innovate and develop products with strong value propositions at attractive price points," the company added. </p><p> Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said, "Through this investment, we look forward to partnering with the team at Arvind Youth Brands to continue to grow the market for its portfolio of products and enhance the strong brand equity that has been built over the last few decades." </p><p> The transaction is subject to customary conditions precedent. Metta Capital Advisors acted as the financial advisors to AFL for this transaction. </p> J Suresh, Managing Director and Chief Executive Officer of Arvind Fashions, said, "The partnership with the Flipkart Group will help us accelerate our online growth strategy as we focus our efforts on developing an omni-channel retail approach for Arvind Youth Brands and Flying Machine." SVK ANS ANS

Flipkart Group invests Rs 260 cr to pick minority stake in Arvind Fashions arm

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>BGF Ventures</span></p><p class="caption">BGF Ventures partners Rory Stirling, Simon Calver, Wendy Tan White, and Harry Briggs</p></div><p></p></div></div></strong></p><ul><li><strong>British Growth Fund, or BGF, is to restructure its £200 million venture arm to invest in more companies outside of London.</strong></li><li><strong>The restructure means three BGF Ventures partners are leaving - namely Wendy Tan White, Harry Briggs, and Rory Stirling.</strong></li><li><strong>Lead partner and former LoveFilm chief executive Simon Culver will remain to lead BGF Ventures' "scaled up" operations.</strong></li><li><strong>BGF has was originally set up in 2011 with £2.5 billion in funding from the UK's five biggest funds, and launched its BGF Ventures arm in mid-2015.</strong></li><li><strong>One source told Business Insider that Briggs and Stirling are thinking about setting up their own fund.</strong></li></ul><p><br />British Growth Fund, the £2.5 billion investment company set up by the UK's big banks, is to restructure its £200 million venture arm.</p><p>The restructure will mean three of BGF Ventures' partners will leave: Rory Stirling, Harry Briggs, and Wendy Tan White, who has been in the position for less than a year.</p><p>BGF Ventures was set up in 2015 and has £200 million to invest in early stage, risky startups. It has so far focused on tech startups, while parent company BGF invests in more established small-to-medium enterprises.</p><p>Now it seems the lead partner Simon Culver, who continues to head up the fund, will lead efforts to invest in more startups outside London.</p><p>Simon Calver said in a statement:</p><p style="padding-left: 30px;">"BGF Ventures was created to extend BGF's proven investment approach to earlier-stage companies. Our long-term strategy has always been to create a nationwide platform that enables us to make long-term, patient capital investments in volume - building scale and getting more capital to more growing companies. The challenge for BGF Ventures now is to disrupt early stage investing in the way that BGF has disrupted growth investing since 2011. We intend to do that by expanding what we offer to more sectors, particularly knowledge-based businesses and tech-enabled companies, and to use out national footprint of 12 offices across the UK and Ireland to invest in more companies based outside London."</p><p>One said suggested that Harry Briggs and Rory Stirling were considering raising their own fund. </p><p>Wendy Tan White is the newest partner at BGF Ventures <a href="http://uk.businessinsider.com/wendy-tan-white-joins-bgf-ventures-as-partner-2017-6">and only joined in June 2017</a>. She is the cofounder of website builder Moonfruit and was formerly general partner at UK company builder Entrepreneur First. She was awarded an MBE in 2016 for services to technology businesses.</p><p>Briggs was formerly a principal at another major venture firm, Balderton Capital, and led investments into market research startup Streetbees and ad platform Tapdaq. He is also an advisor to Diversity VC, a campaign group to promote women and minorities in venture capital.</p><p>Stirling was previously a partner at MMC Ventures, and sits on the boards of fashion startup Mastered and direct hotel booking platform Triptease.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/hearing-voices-in-your-head-real-life-versus-movies-tulpa-psychiatry-2018-2">What it's actually like to hear voices in your head</a></h3>        <div>                    </div>    </div>

British Growth Fund's £200 million venture arm will restructure and 3 partners are leaving

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>A top Democratic-aligned group released a 30-second digital video ad and a nearly 50-page report on the supposed links between white nationalists and President Donald Trump's administration.<p>Bridge Project, the non-profit research arm of Democratic-aligned super PAC American Bridge, <a href="http://bridgeproject.com/app/uploads/Uniting-the-Right-The-Trump-Admin-White-Supremacists.pdf" target="_blank" rel="noopener noreferrer">released a report</a> called "Uniting The Right: The Trump Administration And White Supremacy," which lays out instances in which members of Trump's administration took actions that made them, according to the group, "white supremacist sympathizers."</p><p>The report singles out 14 administration officials such as chief strategist Steve Bannon, noting his leadership of Breitbart <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">News</keyword> and praise by many far right groups, as well as Attorney General Jeff Sessions' previous racially charged statements, which he has repeatedly denied.</p><p>The report corresponded with video that&#xa0;shows footage of neo-Nazis and white supremacists at a violent protest in Charlottesville, Virginia last weekend.</p><p>The images are set to Trump's comments at a press conference on Tuesday in which he defended some people at the white nationalist protest, saying "<a href="http://www.businessinsider.com/trump-charlottesville-neo-nazis-alt-left-2017-8">not all of those people</a>" were neo-Nazis.</p><p>"They didn't put themselves down as neo-Nazis," Trump said. "And you had some very bad people in that group. But you also had people that were very fine people on both sides."</p><p>Jessica Mackler, the president of American Bridge, said that Trump's response to Charlottesville was "entirely predictable" given his past statements detailed in the report.</p><p>"What hasn't been receiving enough attention is how these bigoted views have hijacked the Executive Branch in an unprecedented fashion ever since Trump took office," Mackler said.<br><br>"Trump has empowered hate groups and given their beliefs a platform through the federal government, and that cannot stand. Our report shines a bright light on the culture of bigotry and hate that Donald Trump has cultivated across the highest levels of our government. The public deserves to know the truth."</br></br></p><h2>Watch the video, via Bridge Project:</h2><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/paul-manafort-center-trump-russia-investigation-what-need-know-2017-7">Paul Manafort is at the center of the Trump-Russia investigation - here's what you need to know about him</a></h3>        <div>                    </div>    </div>

A top Democratic group is running a chilling ad linking Trump to white supremacists

<ul><li>Selected users can sell virtual fashion accessories and assets.</li><li><keyword id="399907" type="General" weightage="20" keywordseo="meta" source="Orion">Meta</keyword> has already invested hugely in virtual and augmented reality.</li><li>Meta's <keyword id="12271123" type="General" weightage="20" keywordseo="horizon-worlds" source="Orion">Horizon Worlds</keyword>, give access to venues and virtual events, just like Metaverse.<br /></li></ul><keyword id="6354576" type="General" weightage="20" keywordseo="facebook" source="Orion">Facebook</keyword>’s parent company Meta is testing tools for <keyword id="13599098" type="General" weightage="20" keywordseo="selling-digital-assets" source="Orion">selling digital assets</keyword> and experiences on its virtual reality platform—Horizon Worlds. Initially, the tool will be accessible to handpicked users who are creating virtual games, classes, and fashion accessories with the company’s platform. Users can access these games and classes via VR headset. Meta said select users can offer paid access to the digital spaces they have built.<br /><br />Meta is also testing a creator bonus program for Horizon Worlds users in the United States, allowing them to pay participants every month for accessing new features that the company launches. <br /><br />In a conversation with early adopters, held inside Horizon Worlds using avatars — Chief Executive Officer of Facebook Mark Zuckerberg said, “we want there to just be tons of awesome worlds, and in order for that to happen there needs to be a lot of creators who can support themselves and make this their job.”<br /><br /><strong>Metaverse — embracing virtual reality</strong><br />In recent years, Meta has invested heavily in virtual reality so that futuristic virtual environments can be accessed via different devices and users can socialize, play and work there. The company has also made it possible for virtual players to buy buildings, lands, and avatars. Users can also sell the same as non-fungible tokens or blockchain-based virtual assets. <br /><br /><strong>SEE ALSO:</strong><br /><a href="https://www.businessinsider.in/tech/news/fortnite-developer-epic-games-raises-2-billion-to-grow-metaverse-efforts/articleshow/90791568.cms">Fortnite developer Epic Games raises $2 billion to grow metaverse efforts</a><br /><a href="https://www.businessinsider.in/tech/news/netflix-introduces-two-thumbs-up-for-shows-and-movies-you-really-really-like-and-want-to-see-more-of/articleshow/90783309.cms">Netflix introduces Two Thumbs Up for shows and movies you really, really like and want to see more of</a><br />

Meta to test money-making tools for its virtual reality platform Horizon Worlds

(Photo Source: Rediff)<br /><br /><ul><li><strong><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. <br /></strong></li><li><strong>The online fashion retailer’s Chief Executive Officer (CEO), Ananth Narayanan, stepped down from his role in the company, <em>Mint</em> reported on Monday. <br /></strong></li><li><strong>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. <br /></strong></li><li><strong>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. </strong></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.<br /><br />Most recently, the online fashion retailer’s Chief Executive Officer (CEO), Ananth Narayanan, stepped down from his role in the company as per a <em>Mint</em> <a href="https://www.livemint.com/Companies/SBP6RB7kvaAbDtlES1dLRO/Myntra-chief-Ananth-Narayanan-quits-firm-may-abolish-CEO-po.html">report</a>. <br /><br />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. <br /><br />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.<br /><br />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. <br /><br />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.<br /><br />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.<br /><br />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>.<br /><br /><strong>See also:</strong><br /><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><br /><br /><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><br /><br /><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><br />

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

<ul><li><keyword id="6135170" type="UNKNOWN" weightage="20" keywordseo="Paytm-Money">Paytm Money</keyword>, the financial services arm of digital payments, has set up a Technology Development and Innovation Centre in Pune.</li><li>The company is looking to hire 250 engineers across the front-end, backend as well as data scientists.</li><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> Money is headquartered in Bengaluru and already has a team of over 300 employees.</li></ul>Paytm Money, the financial services arm of digital payments, has set up a Technology Development and Innovation Centre in Pune. The new facility will aim to drive product innovation, specifically in the areas of equity, mutual funds, and digital gold, the company said in a statement.<br /><br />The company is looking to hire 250 engineers across the front-end, backend as well as data scientists. Paytm Money is headquartered in Bengaluru and already has a team of over 300 employees. <br /><br />“We continue our vision to leverage technology to lower costs for our consumers and provide a solid, innovative and stable platform. We need solid engineering talent to ensure we meet our ambitions,” said Varun Sridhar, chief executive officer of Paytm Money.<br /><br />In a recent<a href="https://www.livemint.com/companies/people/paytm-money-ceo-varun-sridhar-shares-3-ideas-for-young-investors-to-win-big-in-stock-markets-11617075603105.html"> interview</a>, Sridhar had also said that Paytm Money will break even in three years.<br /><br />The online investment platform offers stockbroking, mutual funds, and other wealth management services. It also recently launched IPO investments on its platform, through which retail investors can apply for investments in Initial Public Offers (IPOs) in India. <br /><br />It had also ventured into Futures &amp; Options trading (F&amp;O) on its platform. <br /><br />The slew of new features launched by Paytm Money is aimed at gaining market share in the online wealth management industry. The company already has over seven million users, and by the end of FY21 it hopes to have achieved 10 million users and 75 million yearly transactions. <br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/business/startups/news/inside-ritesh-agarwals-family-office-aroa-ventures-and-its-early-investments/articleshow/81772098.cms">EXCLUSIVE: Inside Ritesh Agarwal’s family office and its early investments</a><br /></strong><br /><br />

Paytm Money set to hire 250 engineers for its new technology centre in Pune

A Chief Metropolitan Magistrate in Bengaluru has summoned <a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal&amp;sortorder=effectivedate">Snapdeal</a> over non-payment of dues of the <keyword id="46098" type="UNKNOWN" weightage="20" keywordseo="Bangalore-Fashion-week">Bangalore Fashion Week</keyword>.<br />
<br /> The court has summoned <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>’s owner, <a href="http://www.businessinsider.in/searchresult.cms?query=jasper&amp;sortorder=effectivedate">Jasper Infotech</a>, co-founder <a href="http://www.businessinsider.in/searchresult.cms?query=kunal+bahl&amp;sortorder=effectivedate">Kunal Bahl </a>and nine other executives. A case has been filed by <keyword id="1996024" type="PERSON" weightage="20" keywordseo="Dream-merchants">Dream Merchants</keyword>, the events company which organises Bangalore Fashion Week bi-annually.<br />
<br />
As per the complaint, Snapdeal signed up a three-year contract as a 'powered by' sponsor for six editions of the Bangalore Fashion Week but the company, Dream Merchants, did not receive the promised sponsorship of Rs 25 lakh in January 2016. The event management company approached the court due to non-payment of dues in March 2016.<br />
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Furthermore, the company claimed Snapdeal backed out of the Bangalore Fashion Week 15 days before the event in violation of the contract.<br />
<br /> Founder of Dream Merchants, <keyword id="6367598" type="PERSON" weightage="20" keywordseo="Feroz-Khan">Feroz Khan</keyword>, alleged Snapdeal has to pay Rs 75 lakh.<br />
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"While there was a 60-day exit clause, they violated the contract by backing out 15 days before the event (scheduled to take place in February 2015).No reason was provided. Despite no funding, we went ahead with our event incorporating their logos.Snapdeal did not honour the invoice or notices sent later. They kept passing the buck. Amit Maheshwari, the then vice-president of marketing (fashion vertical) at Snapdeal, who had initiated the collaboration, refused to pick up our calls. We want compensation for the losses borne," Khan told ET. He added that Snapdeal had also committed to upgrade to title-sponsor for the July 2016 edition of the event for an amount of Rs 75 lakh.<br />
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The clause of the contract signed by Snapdeal also forbade the event organisers from working with competitors of the marketplace for the duration of the contract.<br />
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Snapdeal said that it has not received any summon from the court yet, a copy of which was reviewed by ET. The platform has been asked to respond to the summons by May 27, 2017.<br />
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"The company will take appropriate legal recourse in the matter," said a Snapdeal spokesperson in response to a detailed query sent by ET.

All is not well; Snapdeal’s Kunal Bahl, other executives summoned over non-payment of dues

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Steve Marcus/Reuters</span></p></div><p></p></div></div></p><ul class="summary-list"><li>Condé Nast announced its CEO Bob Sauerberg is out and that it's combining its now-separate US and international arms while looking for a new CEO with global experience.</li><li>The move had been expected as the US arm lost a reported $120 million in 2017, and the company is looking for operational efficiencies with the faster-growing overseas business.</li><li>The shakeup shows how the rise of Google and Facebook as international platforms has forced traditional <keyword id="6354777" type="COMPANY" weightage="60" keywordseo="Media">media</keyword> companies to adapt.</li></ul><p>Condé Nast is chucking its CEO Bob Sauerberg and combining its now-separate US and international arms while starting an outside search for a new CEO with global experience.</p><p>"Looking forward, the shift to one global company will help us realize our ambition to deliver the highest quality journalism, experiences and value to our audiences, advertisers and partners on all platforms," family operators Jonathan Newhouse and Steven Newhouse said in a statement on behalf of the family-owned Condé Nast board of directors.</p><p>They added that the shift would allow the company "to more quickly transform ourselves to address their evolving needs and by enhancing the collaboration between colleagues around the world."</p><p>Combining US and international operations have cost-saving advantages, and Condé Nast is on the hunt to eliminate a reported $120 million in losses last year. But the rise of Google and Facebook have also pushed traditional media companies to maximize the scale of their own audiences.</p><p>"What all these media companies are looking at more so than ever in a Google-Facebook duopoly is, how do we get greater scale and greater efficiency," said Steve Rubel, chief media ecologist at Edelman.</p><p>That's in part what led rival publisher Hearst Magazines to merge its US and international operations two years ago. The former Time Inc. titles similarly integrated their domestic and overseas businesses in 2016, before being acquired by Meredith Corp. this year.</p><p>And in just the past few months, Condé Nast formed a new creative agency with a goal of working on events and other nontraditional ad formats for clients globally. It merged the US and UK editorial staffs of Condé Nast Traveler and brought its US and overseas tech and product leads closer together.</p><p>Having a centralized editorial strategy and shared publishing platform can help global publishers to see what's trending across their various markets and easily share articles across them. Condé Nast is heavy in fashion, beauty and lifestyle content that lends itself well to being shared across markets.</p><p>Rubel said on the ad sales side, publishers also are looking to harness their first-party customer data as a selling point versus Google and Facebook. Having a combined global operation can make it easier to use that data for the benefit of advertisers looking to buy across markets. Having strong consumer data can also give media companies a leg up with DTC advertisers whose business is based on having intimate knowledge of their customers.</p><p>Insiders expect that the Condé Nast Traveler consolidation will serve as a template to centralize editorial production at other titles at the company. Already, Condé Nast International centralized its September fashion show coverage out of London earlier this year, for example. The company has been rolling out a common content management system called Copilot across its titles that makes it easier to share and publish editorial and ad content across markets.</p><p>Condé Nast has its work cut out for it, though. It's already made deep cuts at some titles and put others up for sale as efforts to drive video and reader revenue haven't offset declines in print <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword>. And it's had a long siloed culture that will make it hard to get different parts of the organization working together. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-far-sneeze-cough-germs-can-travel-2018-10">This animation will make you think twice before going to work sick</a></h3>        <div>                    </div>    </div>

A shakeup at Conde Nast highlights the disruptive impact Facebook and Google are having on legacy media brands - and how they're trying to adapt

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><p class="source"><span>CBS</span></p><p class="caption">Charlie Rose speaking to Angela Ahrendts.</p></div><p></p></div></div>Apple's retail chief Angela Ahrendts is giving Charlie Rose of "60 Minutes" a tour of Apple's store of the future, <a href="http://recode.net/2015/12/17/60-minutes-goes-inside-apple-hq-for-a-peek-at-the-apple-store-of-the-future/">according to Re/Code</a>. </p><p>The executive, who came from British fashion label Burberry, has been camera-shy in her role at Apple. She has not been onstage during Apple keynote addresses and has given few interviews since starting the job. </p><p>Jony Ive, Apple's design chief, will also make an appearance in the segment, which is set to air on Sunday 20 at 7:30 p.m. ET / 7 p.m. PT. Ive will show Rose in his "secret" design lab at Apple. </p><p>The programme will also give Apple CEO Tim Cook a platform to talk about encryption, taxes, and manufacturing in China, according to Re/Code. </p><p>Cook has been a vocal advocate of consumer privacy and <a href="http://uk.businessinsider.com/blackberry-ceo-john-chen-on-apple-and-privacy-2015-12">came under fire from BlackBerry CEO John Chen</a> over his stance. Chen said the world was in a "bad place" when companies like Apple refuse government requests for user data. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/instagram-model-before-pictures-2015-12">The model who quit Instagram says she felt pressure to flaunt her sexuality at age 14</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="dnd2FmeTpa_QMylJUDisvJHUAOdWeqhx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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Mumbai, Commercial vehicle maker <keyword id="6357085" type="General" weightage="100" keywordseo="Ashok-Leyland" source="Orion">Ashok Leyland</keyword> on Monday said it has bagged orders worth Rs 800 crore from the Indian Army. The contracts awarded also include the procurement of the Field Artillery Tractor (FAT 4x4) and the Gun Towing Vehicle (GTV 6x6), Ashok Leyland said in a statement. <br /><br /> "We have secured these orders from the Indian Army. The Defence business has been a strong pillar of growth for us, and this win further establishes our leadership in Defence mobility vehicles business," said Shenu Agarwal, Managing Director and Chief Executive Officer at Ashok Leyland. <br /><br /> The vehicles will be delivered over the next 12 months to meet the requirements of the Indian Army, the company said. <br /><br /> The FAT 4x4 and GTV 6x6 are specialised vehicles employed by the artillery for towing light and medium guns, respectively, according to the company. <br /><br /> "Ashok Leyland's dependable mobility solutions have consistently remained a formidable asset within the defense sector, catering to the diverse needs of personnel and logistics across the armed forces," said Amandeep Singh, President for Defence Business at Ashok Leyland. <br /><br /> Ashok Leyland has invested in development of mobility platforms ranging from 4x4, 6x6, 8x8, 10x10 &amp; 12x12 for various applications and operational requirements of the Indian Armed Forces, he stated. <br /><br /> These platforms are indigenously designed, developed and manufactured by Ashok Leyland and contribute significantly towards import substitution, according to the company.

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