Myntra, a Flipkart-owned e-commerce platform, is currently going through an internal restructuring that will result in the layoffs of about 50 workers.
The restructuring will have an impact on a variety of roles, but the private label business will be particularly affected.
According to a media house, Myntra’s spokesperson said, “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 organizational structure from time to time.”
The spokesperson further explained that fewer workers may be impacted because the company will offer them the chance to switch to other positions within the same group.
Myntra will give priority to important brands like Roadster, HRX, Mast, and Harbour, focusing its efforts on their growth and development, as noted by ET, which broke the news of the development first.
Manohar Kamath, head of Myntra’s private label division, left the company in April ahead of the restructuring, and Adarsh Menon, head of new businesses, left in May to launch his own business.
Financial information for FY23 has not yet been made public by Myntra. When compared to the company’s operating revenue for FY21, which was Rs 2,407 crore, it increased by more than 45% in FY22 to reach Rs 3,50 crore. Fintrackr’s analysis shows that from FY21 to FY22, the company’s losses rose by about 39%, to Rs. 597 crores.
