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Myntra to layoff 200 more employees from Jabong in coming three months
Sad news for Jabong employees 200 more to go in the upcoming three months. Myntra planning to do a mass layoff.
Myntra is planning to sack another 200 staff at Jabong in the upcoming three months. The company has already decided to lay off around 250 employees as a part of the combining process. US-based retailer Walmart acquires more than 50 per cent of stake in Flipkart. The company is all set to make a merger of Jabong with Myntra. As we all know Myntra is also works under Flipkart chief executive officer (CEO) Kalyan Krishnamurthy.
Ananth Narayan, the chief executive of Myntra's on Friday had announced that the company is going to sack 250 employees. "Myntra and Jabong will now fully integrate all the remaining functions including technology, marketing, category, revenue, finance and creative teams," a Myntra spokesperson told ET in an email. He, however, refused to discuss more on the termination of another 200 employees.
Myntra acquired Jabong back in July 2016 for $70 million from German investors of Rocket Internet after defeating other rivals like Snapdeals and Future Group. Myntra always tried to maintain Jabong as a separate business.
"Flipkart Fashion, Myntra and Jabong will also be integrated wherever there are synergies, while the front-end will continue to operate separately," the financial daily had quoted the source as saying.
Myntra has also joined hands with Goonj to allow customers to exchange their old clothes which will gain them Myntra point. These points can be used during the purchase. The company has taken this initiative under ' Myntra Fashion Upgrade' banner and it is scheduled from November 21 to November 24.
In this offer, people are allowed to donate their old and extra clothes, footwear, home furnishings and more. In return, the buyer will get redeemable points which can be used to shop. In favour, buyers will also get extra points which they can redeem up to Rs 15,000 on the next billing with Myntra.
"Myntra Fashion Upgrade offers fashion shoppers a very unique opportunity to upgrade their wardrobes with the added satisfaction of giving away a small portion of their wardrobe for a cause. We expect more than 2 million units of clothing, footwear etc to be handed over by shoppers and over 1 million people participating in the event," Economic Times quoted Ananth Narayanan, CEO, Myntra-Jabong, as saying.