Hours after reports of Ananth Narayanan stepping down as the Chief Executive Officer of Myntra surfaced, the company on Friday, 16 November, issued a statement saying, “Narayanan continues to lead the team”.
The earlier reports suggested that Narayanan, the chief executive officer of online fashion retailers Myntra and Jabong, had stepped down from his position.
Additionally, reports of Myntra CFO Dipanjan Basu’s resignation have also emerged. However, Myntra has not confirmed Basu’s resignation and his name finds no mention in the company statement.
The speculations came days after the parent company Flipkart rejigged its structure, following CEO Binny Bansal’s resignation.
“Since Myntra’s purchase of Jabong in mid-2016, the two brands have been steadily integrating key business functions and streamlining processes. This has resulted in revenue growth and a significant improvement in the customer experience. As the next step in this process, Myntra and Jabong will now fully integrate all the remaining functions including technology, marketing, category, revenue, finance and creative teams”Company spokesperson
Myntra and Jabong would no longer be operating as separate entities, the company spokesperson said.
Even as the Walmart-backed company had said that it was going to be business as usual, the change in the reporting structure, following Bansal’s exit, was a precursor to the integration of Myntra and Jabong with the larger Flipkart Fashion unit, according to the Business Standar Bansal (37) had on Tuesday, 13 November, stepped down after a probe into “serious personal misconduct”, announced Walmart. Unconfirmed reports said that a former employee had accused the Flipkart co-founder of sexual harassment in 2016, but the investigation could not “corroborate” the charges. Bansal has denied the allegations levelled against him.
(With inputs from The Times of India and the Business Standard)
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