Myntra CMO Gunjan Soni to lead Jabong
Myntra's chief marketing officer Gunjan Soni has been appointed head of Jabong, a company statement said on Thursday.
Soni is a management graduate from XLRI Jamshedpur who is credited with building 'End of Reason Sale', one of Myntra's key revenue driving events. She has also worked with McKinsey and Company and Star India in the past.
Besides, Myntra co-founder Ashutosh Lawania, who was heading supply chain at Jabong, has quit to start his own venture. That role will now be handled by Myntra's chief people officer and and head of new initiatives Manpreet Ratia, the statement added.
With Lawania's exit, the entire founding team of Myntra has now left the startup. The other two co-founders, Mukesh Bansal and Vineet Saxena, had left the company to start new ventures.
Naresh Krishnaswamy, who has been with Myntra since 2012, has been elevated to the senior management team, and will lead the entire sales organisation and key initiatives to drive growth, said the statement.
In July last year, Flipkart-owned Myntra had acquired its main competitor Jabong from Global Fashion Group for $70 million (Rs 470 crore) in an all-cash deal. Myntra, Jabong, and its parent Flipkart have witnessed multiple exits lately.
The list includes Rajul Jain, Myntra's supply chain head and senior vice president; Sharad Agarwal, vice president and distinguished engineer at Flipkart; and Raghuram Talluri, vice president and head of customer experience at Myntra. All of them left the company in December.
In November 2016, Jabong's chief marketplace officer Ranjan Kant and HR head Deepa Chadha moved on from the company.
In September, it was reported that Jabong CTO Sumit Jain had quit the company.
Myntra posted a revenue of Rs 1,069 crore for FY16, registering 38% year-on-year growth. However, losses widened from Rs 741 crore to Rs 816 crore. The sales growth of 38% was a sharp fall from the 75% growth Myntra witnessed in the previous two years, apparently due to its decision to go app-only in May 2015. It dropped that strategy and re-launched its desktop site in June 2016.
Vector E-commerce Pvt Ltd, the biggest seller on online fashion marketplace Myntra, posted a loss of Rs 8.72 crore in FY16 after turning a profit in the last two financial years, filings with the Registrar of Companies (RoC) show. Profit after tax stood at around Rs 6.5 lakh in FY15.
Revenue, however, grew from Rs 1,252 crore in FY15 to Rs 1,747 crore in FY16, growth of 40%.