As had been rumoured for quite some time, there is an executive rejig taking place at Flipkart-owned, Mobile-Only, Fashion-Only e-commerce platform Myntra. Former McKinsey Director Ananth Narayanan will take over as new CEO, while Founder/ex-CEO Mukesh Bansal will become the Chairman of Board (via ET).
Rumours were rife about the fact that Myntra, which is currently India’s largest fashion e-tailor, was looking for a new CEO as its ex-CEO and co-founder Mukesh Bansal was fully involved with his role of taking country’s largest e-commerce firm Flipkart, to the next level.
Bansal was recently appointed as the head of Flipkart’s commerce platform. Though a Myntra spokesperson had last week told ET that they “are not in the process of hiring for the position of CEO”, things seem to have changed now.
Before this, Narayanan served as the director of McKinsey group for the past 15 years across four offices (Chicago, Shanghai, Taipei and Chennai). He was responsible in leading its product development in Asia and its Automotive Practice in India.
Following Narayanan’s joining of the company, Bansal will assume the role of Myntra’s board chairman and will be “actively involved in contributing to Myntra’s vision, strategy and overall direction” the company said in a statement. According to reports, the new CEO will start working from October 1, 2015 from Myntra’s Bengaluru headquarters and will report to the Myntra board.
According to Bansal, the e-tailor is expected to go profitable early next year due to the growing revenue from its high-margin private label business, also helped by efficiencies of scale by its Flipkart merger.
Another news is the appointment of Google Chromecast head Ambarish Kenghe as Senior Vice President and Head of Product of Myntra last week. He is expected to start his tenure by the end of this month.