Myntra Rearranges Management Shelf
While CMO Gunjan Soni is set to head Jabong, cofounder Ashutosh Lawania puts in his papers
Bengaluru: Online fashion retailer Myntra has named chief marketing officer Gunjan Soni the head of Jabong, the rival it acquired last year. Myntra cofounder Ashutosh Lawania, who headed the supply chain division, has quit to pursue other interests.
Manpreet Ratia, current chief people officer and head for new initiatives at Myntra, will take additional charge of supply chain and consumer experience.
Soni will report to Ananth Narayanan, the CEO of both Myntra and Jabong, which are owned by Flipkart. Bengaluru-based Myntra named Naresh Krishnaswamy, who has been with the company
FOR GROWTH’S SAKE
since 2012, as part of the senior management heading “entire sales organisation and key initiatives to drive growth”.
There has been a series of exits from Jabong after Myntra acquired the company in June 2016.
Chief technology officer Sumit Jain followed CEO Sanjeev Mohanty out within months of the acquisition. Amid talk of the two businesses merging, CEO Narayanan had said earlier that they will continue to run separately. After his appointment as CEO in 2015, Narayanan brought in talent from former employer McKinsey. Soni was a partner at McKinsey before taking over as executive vice-president at Star India. Former McKinsey associate partner Ananya Tripathi was inducted as chief strategy officer in June 2015.
In December, Myntra said it was on the path to break even in the financial year 2018 and that the Flipkart-Myntra-Jabong combine commanded a 70-75% share of the online fashion market.
“We have started the year on a high note with January witnes- sing a 100% year-on-year growth and an annualised run rate of $1.65 billion. As we continue on our journey to build a long lasting and innovative fashion and lifestyle destination, we have made some strategic management changes to help drive continued growth,” said Narayanan.
Myntra rejigged the management in 2016, starting with CTO Shamik Sharma, who was moved to an advisory role in November after four years in the role. Head of ecommerce platform Prasad Kompalli left in December, while the head of fashion brands Abhishek Verma, responsible for building private labels such as Roadster and HRX, was replaced by Manohar Kamath, former chief operating officer of Shoppers Stop, in September.