Myntra denies reports of CEO's resignation

A spokesperson from Myntra has confirmed that "Ananth Narayanan continues to lead the team".

A section of the media had reported earlier that Narayanan had decided to step down as CEO of Bengaluru-based Myntra, which was bought by e-commerce group Flipkart in 2014. 

The report also said that CFO Dipanjan Basu has also decided to put in his papers and that around 500 employees could lose their jobs.

However, sources suggest that consolidation of @Flipkart subsidiaries might impact 200 employees of @JabongIndia @DeccanHerald

— Furquan Moharkan (@imFmoharkan) November 16, 2018

The spokesperson said: “Since Myntra’s purchase of Jabong in mid-2016, the two brands have been steadily integrating key business functions and streamlining processes. This has resulted in revenue growth and a significant improvement in the customer experience.  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. 

The closer integration of Myntra and Jabong is a necessary step in our continuing development. To remain the leader in fashion eCommerce in India, we have to find ways to operate more effectively and innovate more quickly. 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”

Flipkart Group CEO Binny Bansal resigned earlier this week following allegations of sexual assault that dates back to a few years.

Walmart Inc bought a roughly 77% stake in Flipkart in May for $16 billion.