Ecommerce fashion major Myntra has initiated a restructuring exercise in which approximately 50 of its employees are expected to be laid off. A few of the affected employees may get another job offer within the Flipkart Group as the reshuffle is still underway. As a result, the number is expected to be less than 50, a Myntra spokesperson told CNBC-TV18 on July 26.
The layoff round will impact roles across verticals. However, staff in the in-house brands vertical would be most affected, sources said.
The move comes as a result of
Myntra’s shift in focus on a few private labels instead of scaling its in-house brands in the apparel segment.
“In our endeavor to cater to the ever-evolving needs of our customers, new developments, and technology innovations, we recalibrate our business priorities and review our organizational structure from time to time. As part of this business-as-usual recalibration, wherever a small number of roles may be impacted, we offer our employees an opportunity to alternate positions, where available, within the organization as well as Group companies,” the Myntra spokesperson said.
According to a report by the Economic Times, the brands on the radar include Roadster, HRX and Mast and Harbour – the top selling brands on the marketplace. Over the past few years, Myntra has launched more than 20 master brands, including Invictus, Ether and Sangria.
It’s important to note that in April, Manohar Kamath, chief of private label business at Myntra, had quit the firm. The company has been increasing its play in the fashion and beauty space over the past one year, to take on competition from the likes of Reliance’s Ajio and Tata Cliq.
The Flipkart-owned platform launched FWD, a GenZ-focused fashion experience portal in May, and aims to attract 10 million Gen-Z users over the next two years. The company even
launched MyFashionGPT to help users discover outfits through conversations.
