Jabong names Sanjeev Mohanty CEO
Fashion marketplace Jabong has appointed Sanjeev Mohanty as its CEO and MD, according to a report in The Times of India.
Romain Voog, CEO of Jabong's parent company Global Fashion Group, said in the report that Mohanty's knowledge of the Indian fashion and retail industries will help strengthen the fashion e-tailer's position.
Mohanty was previously the MD of apparel brand Benetton India for 11 years. Prior to that, he worked with Madura Garments, Levi Strauss and Walt Disney.
Jabong competes with Flipkart-owned Myntra and is one of the top fashion e-tailers in the country. It is backed by Germany's Rocket Internet, an emerging-markets and Europe-focused investment company.
However, the company is struggling to increase revenue and is a money losing proposition for Rocket Internet. Its revenue growth rate almost halved in the quarter ended June 30.
The fashion e-tailer has seen a slew of top management changes with founding team members moving out. It has also been on the radar of other e-commerce companies. Last November, as first reported by VCCircle, e-commerce giant Amazon.com, Inc was in talks to acquire Jabong where the asking valuation was $1.1-1.2 billion. The deal was called off due to a valuation mismatch between the prospective buyer and Jabong's shareholders.