Myntra has announced that it has witnessed a 100 per cent y-o-y growth in the month of January with the highest ever revenues of over Rs 850 crore in a particular month.
Its extensive selection, unique brand partnerships and the recent acquisition of Jabong have helped establish the company as the industry leader across technology, fashion and performance. To continue to drive this growth, Myntra has strengthened its leadership team. The changes are as follows:
Gunjan Soni will head the Jabong business and will be responsible for driving it operationally through its next phase of growth. Soni has played a key role in firmly positioning brand Myntra as the leading destination for shopping fashion and lifestyle online. She is credited for growing the international brands business with 10+ marquee brand additions last year. Listed among the 30 fastest growing women leaders in business by Spencer Stuart, she was previously Partner at McKinsey & Company and Vice President at media conglomerate Star India. In her new role she will focus on setting the strategic direction for Jabong and drive growth and profitability for the business.
Naresh Krishnaswamy has been with Myntra since 2012 and heads growth and revenue. He has been elevated to the senior management team at Myntra and will continue to be responsible for the entire sales organization and key initiatives to drive growth. Krishnaswamy joined as a Business Analyst and has grown through the ranks to his current position in the management team. In his 5 years with Myntra, he has played a key role in growing the business and devising innovative offerings such as major sale events, price reveal and gamification to drive traffic to the platform. Krishnaswamy founded the sales team in 2012 and has grown it from a small team of four people to a full-fledged department in Myntra. Prior to joining Myntra, he was an investment banker at UBS.
Manpreet Ratia joined Myntra last year as the Chief People Officer and Head for New Initiatives and will take charge of Supply Chain and Consumer Experience. In his new role, Ratia will be focused on ensuring supply chain and fulfillment operating models are flexible and agile to meet existing and future customer demands by leveraging technology for breakthrough innovation. Ratia comes with over 20 years of experience in the financial services and e-commerce industry. Prior to joining Myntra, he was the Director Operations for Amazon India and before that he was the Chief Operating Officer for Citibank’s Asia Pacific Transaction Banking business in Hong Kong. He takes over this role from Ashutosh Lawania who co-founded Myntra in 2007 and has been responsible for outperforming our fulfillment plans and reducing delivery times. Lawania is moving on to start his new venture.
Speaking on the changes, CEO Myntra and Jabong, Ananth Narayanan said, “We have started the year on a high note with January witnessing a 100 per cent y-o-y growth and an annualized run rate of US $1.65 billion. As we continue on our journey to build a long lasting and innovative fashion and lifestyle destination, we have made some strategic management changes to help drive continued growth. Soni, Ratia and Krishnaswamy are successful leaders with diverse experiences and have played a vital role in growing Myntra from strength to strength and with these changes I am confident that we are well on our way to become the first profitable e-commerce company in India.”
He further added, “A lot of the success of this organization is owed to the leadership of Lawania who has donned several hats since Myntra’s inception and has been instrumental in the growth of the company. We wish him all the best for his new venture. “