Fashion retail brand Myntra is soon going to merge with its sister company Jabong and Ananth Narayanan will lead the amalgamated entity as its Chief Executive Officer.
E-commerce giant Flipkart acquired online fashion portal Myntra in 2014 and Myntra acquired Jabong in 2016.
“As the next step in this process, Myntra and Jabong will now fully integrate all the remaining functions including technology, marketing, category, revenue, finance and creative team,” said the company.
The company added that Myntra’s independence as a brand will continue to remain the same and the team will continue to operate independently.
“The closer integration of Myntra and Jabong is a necessary step in our continuing development. By better aligning our resources with our long-term plans, we can put the best structure in place to serve our sellers and brand partners and ultimately benefit our customers,” it added.
The development comes just days after the resignation by Flipkart group chief executive officer and co-founder Binny Bansal following a probe into an alleged “serious personal misconduct”. Bansal, however, has denied the allegations.
In August 2018, US retail giant Walmart acquired 77 percent in Flipkart with an investment of $ 16 billion.
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