As Rocket-Internet owned Jabong’s co-founders depart from the company, Nils Chrestin, who is currently working as Chief Finance Officer for the larger entity — Global Fashion Group, is soon going to take over the operations at Jabong, reports ET.
Both the co-founders of the company will not be an active part of Jabong. Interestingly, Founder and CEO Arun Chandra Mohan had already quit while the other co-founder, MD Praveen Sinha is on his way out.
Earlier, in an email response to ET, Jabong confirmed the exit of Arun Mohan citing reason of pursuing new business venture. The email further stated:
We are in the process of hiring a CEO and, in the interim, the buying and sourcing functions will be led by Praveen Sinha, MD and co-founder of Jabong, and Nils Chrestin, CFO of the Global Fashion Group.
As per the industry insiders, Nils will be handling all the day-to-day operations, including buying and sourcing, till the company finds a new Chief Executive Officer. It is also being said that Nils has been in-charge from last few months.
Jabong, founded in 2010, is now a part of Global Fashion Group, which was created by merging five fashion companies in emerging markets – Jabong, Dafiti, Lamoda, Namshi and Zalora. GFG was valued at Rs. 23,000 crore in July.
Rocket internet has started making efforts to increase Jabong’s margins and cut losses, largely because, being a part of Rocket Internet, Jabong’s revenues will have an impact on Rocket’s shares. Jabong had posted losses of Rs 454 crore on sales of Rs 811.4 crore for the year ended on December 31.