India’s Flipkart Group style unit chief denies he’s quitting

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India's Flipkart Group fashion unit chief denies he is quitting
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MUMBAI (Reuters) – The chief of Flipkart Group’s Myntra-Jabong style enterprise on Friday denied a media report that he’ll stop after a reshuffle within the ranks following the ouster of group CEO Binny Bansal.

The brand of Flipkart is seen on the corporate’s workplace in Bengaluru, India, Could 9, 2018. REUTERS/Abhishek N. Chinnappa

“I’m very enthusiastic about Myntra,” Ananth Narayanan, the CEO of the enterprise, advised Reuters in an interview. “I definitely intend to proceed.”

However he did say that there could be some job cuts within the Jabong arm of the unit.

Narayanan’s feedback got here after a report by the Instances of India newspaper on Friday that stated he had determined to resign following a change in guard that made Kalyan Krishnamurthy, Flipkart’s CEO, his new boss.

Krishnamurthy is successfully the brand new head of the Flipkart Group after Binny Bansal resigned as group chief this week following an inner probe into what mother or father Walmart Inc stated was “critical private misconduct”. The misconduct accusations adopted an allegation of sexual assault, two sources beforehand advised Reuters. Bansal denied wrongdoing.

Narayanan stated his relationship with Krishnamurthy was “superb”.

“I believe the structural change will solely assist Myntra total,” Narayanan, a former McKinsey government added.

Narayanan did, although, affirm Indian media studies that Myntra’s chief monetary officer, Dipanjan Basu, had stop however added he was leaving as a result of he had discovered “an excellent alternative” elsewhere.

Myntra-Jabong is the chief in India’s small however fledgling on-line retail style trade. The unit, in line with analysts monitoring e-commerce, has helped the Flipkart Group keep a market share lead over rival Amazon.com.

Myntra, which purchased Jabong in 2016, has a well-liked and worthwhile non-public model portfolio comprising 17 labels.

JOB CUTS

Narayanan stated some jobs will probably be minimize at Jabong because the agency continues to combine features with Myntra, a course of that kickstarted final 12 months, starting with back-end roles.

Myntra and Jabong perform as one enterprise unit helmed by Narayanan however have separate employees, web sites and cell apps.

“We’re integrating a few of the buyer going through or the opposite features as properly that are round class, income, advertising and so on,” Narayanan stated.

He declined to offer absolute numbers and stated lower than 10 p.c of Myntra-Jabong’s workforce will lose jobs.

Three sources acquainted with the matter advised Reuters that just about 200 jobs at Jabong are being minimize.

The considering is that “there’s redundancy by way of roles, and overlap with the Myntra facet,” so there’s room to chop and scale back prices, one of many sources stated, including that there have individually already been just a few dozen latest cuts on the Myntra facet.

A more in-depth integration of Myntra and Jabong is important to function extra successfully and innovate shortly as properly to stay leaders in on-line style retail, Myntra stated in an announcement.

It didn’t reply to a request for touch upon the variety of job cuts.

Reporting by Sankalp Phartiyal and Euan Rocha; Extra reporting by Chris Thomas and Nivedita Bhattacharjee in Bengaluru; Edited by Martin Howell



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