Myntra plans makeover of private label strategy, 50 jobs to be hit

Flipkart-owned vogue platform Myntra is enterprise an inside restructuring leading to round 50 staff being laid off, folks conscious of the matter stated. Several staff have been briefed in regards to the adjustments now and an inside announcement could happen on Wednesday as a part of an earlier deliberate city corridor.

While the impacted roles might be throughout verticals, a majority of workers within the in-house manufacturers vertical can be most affected, folks within the know stated.

These adjustments are a part of a brand new technique at Myntra, which plans to give attention to choose non-public labels as a substitute of scaling a plethora of in-house manufacturers it had began within the attire house.

Roadster, HRX and Mast and Harbour, amongst its largest manufacturers, can be key focus areas for the Flipkart subsidiary.

“In our endeavour to cater to the ever-evolving needs of our customers, new developments, and technology innovations, we recalibrate our business priorities and review our organisational 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 organisation as well as group companies,” a spokesperson of Myntra stated, confirming the adjustments with out commenting on extra particulars.

Myntra over the previous a few years launched round 20-25 such manufacturers, internally known as ‘master brands’. Invictus, Ether and Sangria are amongst a part of Myntra’s grasp manufacturers.

The adjustments come at a time when the biggest on-line vogue retailer has been growing its focus not too long ago on including Gen-Z customers to its consumer base with merchandise like FWD.

“The idea is to focus on select few brands. It is still an integral part of the business for Myntra,” an individual conscious of the adjustments stated.

ET had reported on April 25 that Manohar Kamath, chief of personal label business at Myntra, had left the agency. Sources stated the corporate is near finalising Kamath’s substitute.

Myntra, led by CEO Nandita Sinha, is seeing elevated competitors from rivals like Reliance’s Ajio, Tata group’s Cliq in addition to new-age platforms seeking to cater to youthful customers. Sinha reviews to Flipkart group CEO Kalyan Krishnamurthy.

Flipkart additionally not too long ago undertook adjustments throughout groups, as reported by ET on May 17. Myntra is growing its play in segments like magnificence, taking up rivals like Nykaa.

At the time of FWD’s launch, Myntra’s Sinha had stated the agency desires to draw 10 million Gen-Z customers over the following two years. ET, citing business reviews and executives, reported on July 11 that high-value vogue objects had been fairing comparatively higher in gross sales through the second quarter of 2023 whilst low-value objects beneath Rs 500 had been impacted throughout ecommerce platforms.

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