Myntra's CEO Ananth Narayanan, will also take over as the Chief Executive Officer of Jabong.
Myntra’s CEO Ananth Narayanan, will also take over as the Chief Executive Officer of Jabong. Flipkart-owned Myntra has bought fashion e-tailer Jabong for around $70 million. The news of Ananth Narayanan’s additional role was given to Jabong employees in a letter by outgoing CEO Sanjeev Mohanty. According to reports, Sanjeev Mohanty said that Jabong’s employees should remember the day of the deal as the “birthing of a giant”. ” I will be stepping down as the CEO & Managing Director of Jabong while I will continue to help in the transition process till mid September…Ananth Narayanan will be stepping in immediately, as the CEO of Jabong in addition to being the CEO of Myntra. You will see that he is an outstanding, capable and visionary leader who has already taken Myntra to new heights of success in a very short span of time,” Sanjeev Mohanty wrote in a letter that is being widely circulated on the web.
The Rocket Internet Group’s flagship company in India, Jabong, had been on the block for a while now, with others like Snapdeal and the Future Group also eyeing it. Analysts believe that Jabong will add to Myntra’s style quotient and feel that the acquisition will aid Flipkart in its fight against global giant Amazon. Now, some of the global brands that will be exclusive to both the platforms (Myntra and Jabong) are; Lacoste, Tom Tailor, The North Face, Forever 21, Swarovski, Dorothy Perkins, Bugatti Shoes, Topshop. Myntra’s CEO Ananth Narayanan has said that Myntra does not plan to merge Jabong with it and the two companies will continue to function as different brands.
Watch: Flipkart-owned Myntra buys Jabong to create India’s biggest fashion e-tailer
Ananth Narayanan gave three reasons for acquiring Jabong. “Jabong, both as a brand and a company, is focused on international brands, on women, their strength area is NCR – all these things made it quite attractive for us,” he said. “When we thought of we can continue shaping the fashion and lifestyle market, we thought Jabong would be a terrific asset. While it’s an acquisition, I actually look at it as a partnership,” he explained.