Indian online fashion marketplace Myntra has gained the highest revenue of over Rs 850 Crore with 100% YoY growth. After the acquisition of its rivals Jabong in July 2016, the startup has established as the industry leader in fashion-technology by its extensive selection and unique brand partnerships. To continue its growth in the industry, Myntra had made changes to strengthen its leadership team.
In May 2014, Indian E-commerce giant- Flipkart acquired Myntra for $300 Million. However, Myntra operations remained independent by Flipkart. Below are the changes by Myntra which will take effect from today:
Gunjan Soni who played a key role for firmly positioning Myntra as the leading destination for shopping fashion and lifestyle online will now be appointed as Jabong’s CMO (Chief Marketing Officer). In her new role, she will be heading the Jabong’s business and will be responsible for driving its operations through its next phase of growth. She will focus on setting the strategic direction for Jabong and will drive the profitability of the business. Miss Gunjan is responsible for the infamous ‘End of Season Sale’ and also credited for boarding more than 10 exclusive international brands on the website. She was listed among 30 fastest growing women leaders in business by Spencer Stuart-Economic Times.
Naresh Krishnaswamy who used to lead Growth and Revenue for Myntra has been promoted to Senior team management and will continue to lead entire sales organization and key initiatives to drive growth. Mr. Naresh has been with the firm since 2012. In his 5 years with Myntra, he has played a key role in growing the business, devising innovative and offered major sale events to drive traffic to the platform. Before working with Myntra, Mr. Naresh was an Investment banker in UBS.
Manpreet Ratia who was Chief People Officer and Head for New initiatives, will now play as Head of Supply Chain and Consumer Experience. Mr.Ratia joined Myntra last year by
Taking over the role of Ashutosh Lawania who Co-founded Myntra in 2007. With his 20 year experience in financial industry, Mr. Ratia’s new role will be focusing on supply chain and be fulfilling the operational models. Before joining Myntra, Mr. Ratia used to be the Director of Operations at Amazon India.
On the changes, CEO of Myntra and Jabong, Ananth Narayanan said: “We started on a high note this year. We will continue our journey to build a long lasting and innovative fashion and lifestyle destination. The strategic management changes will help us to drive towards continuous growth. Gunjan, Manpreet and Naresh are successful leaders with diverse experiences. They have played a vital role in Myntra’s growth. I am confident that we are well on our way to becoming the first profitable eCommerce company in India.”
Ashutosh Lawania, the co-founder of Myntra, has left the firm last year to start his new venture. Commenting on him, the CEO said: “A lot of the success of this organization is owed to the leadership of Ashutosh. He has been instrumental in the growth of the company. We wish him all the best for his new venture.” Read more news.