Myntra's product, revenue heads step down
Two top-level executives have resigned from Myntra, the Flipkart-owned fashion e-tailer said in a statement.
Chief product officer Ambarish Kenghe and chief revenue officer Naresh Krishnaswamy have put in their papers to pursue interests outside the organisation.
Both executives will continue in their respective roles until the end of the financial year to ensure a smooth transition, the statement added
“ AK (Ambarish Kenghe) and Naresh have contributed immensely to the growth of the organization and have strengthened and streamlined processes in product, technology and revenue, that has helped Myntra scale at pace,” said Myntra chief executive officer Ananth Narayanan.
The development was first reported by The Times of India.
Kenghe, an alumnus of IIT Kanpur, Purdue University and Haas School of Business, had joined Myntra as its product head in July 2015. Earlier, he had stints in Google, Bain, CISCO and Motorola.
An MBA from IIM Calcutta, Krishnasamy had joined Myntra as a business analyst in 2012 and went on to rise through the ranks to become its CRO in February 2016. In his earlier stints, he had worked as a senior analyst at UBS Investment Bank.
Myntra, which is perceived as the market leader in fashion and lifestyle e-commerce by various accounts, had posted an 87% rise in revenue during 2016-17, but its net worth had eroded as debt levels soared.
Its 2016-17 revenue stood at Rs 2,000 crore ($314 million). About 94% of its revenue came from the trading business, while the rest was from data processing and other activities.
The company is aiming to clock revenues of Rs 8,500 crore for the current fiscal year.
Myntra, which is also betting big on its private labels strategy, had recently said that the vertical had turned profitable in June 2017, registering a positive 5% EBITDA (earnings before interest, taxes, depreciation, and amortisation).
Myntra’s 13-14 private labels currently contribute to 23-25% of its total revenue and is expected to clock $300 million this fiscal year.
The company also has exclusive distribution and management rights for omnichannel retail play of global brands, including Mango and Esprit.
In December, The Economic Times had reported that Myntra was planning to enter the beauty market by opening a chain of offline stores selling multi-brand cosmetics and wellness products.