Walmart, the new owner of e-commerce company Flipkart and its other fashion brands, will lay-off about 200 employees at Jabong and merge the online fashion retailer with Myntra, media reports said. Myntra-Jabong CEO Ananth Narayanan confirmed the news of the lay-off but said it was just 10% of the total headcount.
He added that the sacked employees are being given 3-8 months’ salaries, assistance in placements and extension of medical insurance.
Narayanan also said that he will continue to head the fashion portals that are in the midst of merger of their back-end functions. The development has come days after Binny Bansal resigned as the CEO of Flipkart group due to “serious personal misconduct”.
Narayanan asserted that while there would be “some redundancies” as a result of the integration of the back-end functions of Myntra and Jabong like technology, marketing, finance and creative, but “it’s less than 10 per cent of the overall Myntra and Jabong headcount”, the news agency reported.
Flipkart, which was co-founded by Binny Bansal and Sachin Bansal in 2008, owns three fashion retailer: Flipkart Fashion, Myntra and Jabong. Narayanan had joined Myntra as chief executive in 2015.