Bengaluru, November 16: After Binny Bansal's exit from homegrown Flipkart, top bosses from Myntra have put in their papers. According to a Times of India report, Myntra CEO Ananth Narayanan and CFO Dipanjan Basu have resigned from the company. Reportedly, Narayanan didn't share a cordial relationship with Flipkart CEO Kalyan Krishnamurthy, and after Binny left, he had to report to Krishnamurthy. Walmart After Investing in Flipkart, May Layoff Many Jabong Employees & Merge it With Myntra.
Another report states that the reason for the conflict was because Flipkart has its own Fashion vertical which is headed by Rishi Vasudev. "If Ananth has to report Kalyan, Narayanan will also not stay for long because Kalyan already has Rishi Vasudev who manages fashion," told unidentified sources to Money Control. After Binny Bansal, Myntra-Jabong CEO Ananth Narayanan May Resign Following Changes in Reporting Structure at Flipkart.
There are reports that Walmart will carry out a massive layoff at Jabong today and will integrate the online fashion brand completely into Myntra. According to a Live Mint report, Jabong layoffs are expected to be announced at a town hall on Friday morning. Jabong currently has around 700 employees and as per sources quoted in the report, it is believed that around 200 employees will be laid off.