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Myntra, Jabong to merge; Ananth Narayanan stays CEO

Press Trust of India  |  Mumbai 

Online fashion retailer Myntra Friday said it will completely integrate its sister company Jabong, which will continue to operate as a separate brand.

Myntra chief executive officer Ananth Narayanan will lead the Myntra-Jabong team, the company said in a release, dismissing speculations about his exit.

Flipkart had acquired online fashion portal Myntra in 2014 and Myntra had acquired Jabong in 2016.

The company said since Myntra's purchase of Jabong, the two brands have been steadily integrating key business functions and streamlining processes.

"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," it added.

The company said Myntra's independence as a business will be preserved and the team will continue to operate independently.

"The closer integration of Myntra and Jabong is a necessary step in our continuing development. By better aligning our resources with our long-term plans, we can put the best structure in place to serve our sellers and brand partners and ultimately benefit our customers," it added.

The development comes just days after the resignation by Flipkart group chief executive officer and co-founder Binny Bansal following a probe into an alleged "serious personal misconduct". Bansal, however, has denied the allegations.

There were also some reports that Narayanan is likely to step down after being asked to report to Flipkart chief executive officer Kalyan Krishnamurthy.

US retail giant Walmart had in August bought 77 per cent stake in Flipkart for USD 16 billion.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 16 2018. 17:20 IST