Ananth Narayanan is happy as Myntra's CEO, won't quit
Ananth Narayanan, the CEO of Myntra, dismissed reports of his resignation on Friday saying he was happy at the fashion e-tailer. Reports claimed Narayanan and CFO of Myntra, Dipanjan Basu, have quit the company after Binny Bansal resigned from Flipkart. It was suggested his terms with current CEO Kalyan Krishnamurthy weren't great. But Narayanan told Reuters, "I'm very excited about Myntra".
Under Narayanan, Myntra's losses went down by 25%
Narayanan joined Myntra in 2015 succeeding the company's co-founder Mukesh Bansal. Previously, he had worked with Mckinsey & Co. He is credited for expanding Myntra's label business by bringing brands like Roadster on board. He also included beauty brands and accessories in Myntra. He also ventured into offline marketing with brick-and-mortar stores. Under him, Myntra's losses went down by 25%.
Notably, Krishnamurthy didn't deny reports of resignation
When Krishnamurthy was contacted by TOI to comment on the resignation of Narayanan and Basu, he didn't deny it. He said Flipkart was committed to the success of Myntra, now more than ever. "The Myntra team has been doing innovative work to grow the company and create India's leading online platforms for fashion and lifestyle. We want to empower the Myntra team," he reportedly said.
Binny Bansal's stepping down created domino effect, it was suggested
On Tuesday, Binny Bansal resigned from CEO position of Flipkart sending shock waves in the corporate world. Bansal was accused of personal/sexual misconduct and a probe by an independent law firm found that the way he handled the accusations were inappropriate. It was reported that Walmart, which acquired Myntra, was upset as the case wasn't revealed to them before signing the deal.
