Myntra's Chief Executive Officer Ananth Narayanan has resigned with the company set to abolish the CEO position, LiveMint reported on Monday, 10 December.
According to the report, Flipkart's Amar Nagaram has been given the responsibility to head Myntra.
Three people aware of the matter confirmed the news with LiveMint.
Apart from the CEO, the online shopping platform's key leaders – the chief revenue officer, human resource head who also oversaw operations, supply chain and customer experience at Myntra – have also resigned, LiveMint quoted sources as saying.
Narayanan did not respond to questions.
These resignations come even as Flipkart has made attempts to retain key officials at Myntra.
The Economic Times had reported last week that Narayanan could leave Myntra, and Nagaram could be made the Myntra head.
The people cited above also told Mint that a fresh round of lay-offs is expected in the coming weeks. About 150-200 employees had been laid off previously, according to the report. A Myntra spokesperson, however, denied that the firm had plans to lay-off workers.
There are also rumours about the closure of Myntra’s sister e-fashion retailer Jabong.
“Flipkart Group is deeply committed to the success of Myntra and Jabong as market-leading brands. The integration of the two brands’ back-office teams is a long-planned and one-off realignment that started since Myntra’s acquisition of Jabong in July 2016. We have no further restructuring plans at this time,” the spokesperson told LiveMint in an email.
“We are confident that we can continue to link fashion industry know-how and e-commerce innovation for consumers in India and, increasingly, around the world. And we will continue to invest in the Myntra and Jabong brands and in our people to help make this happen.”Myntra Spokesperson
In May, American giant Walmart acquired 77 percent stake in Flipkart for about $16 billion, in its biggest acquisition to date.
The deal values the 11-year old e-commerce firm at $20.8 billion.
Flipkart co-founder Sachin Bansal had quit the Bengaluru-based company after the Walmart deal was finalised. Binny Bansal, the other co-founder, had stepped down last month after accusations of "personal misconduct" surfaced against him.
(With inputs from LiveMint.)
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