Myntra Restructuring: Myntra going for internal restructuring, may cut some jobs

Flipkart-owned fashion platform Myntra is reportedly going for internal restructuring. According to a report in Economic Times, quoting sources, the restructuring may result in around 50 employees being laid off. Several employees are said to have been briefed about the changes and an internal announcement may take place during a town hall. “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 organisational structure from time to time. As part of this business-as-usual recalibration, wherever a small number of roles may be impacted, we offer our employees an opportunity to alternate positions, where available, within the organisation as well as group companies,” a spokesperson of Myntra told ET.

Teams likely to be impacted by job cuts
The job cuts are likely to impact roles across verticals. However, a majority of employees that may go are said to be in the in-house brands vertical. Sources told the publication that employees in Myntra’s own private labels division are likely to be most affected. The changes are said to be part of Myntra’s new strategy which plans to focus on select private labels instead of scaling a number of in-house brands it had started in the apparel space. Over the past many years, Myntra launched around 20-25 such brands, internally referred to as ‘master brands’. These brands that are among part of Myntra’s master brands include Invictus, Ether and Sangria.

In April this year, Manohar Kamath, chief of private label business at Myntra, left the organisation. Sources said that the company is close to finalising Kamath’s replacement. Kamath created a portfolio of brands for Myntra, which includes Mast and Harbour, Dressberry, Sangria, All About You, House of Pataudi, Invictus, Ether, Harvard, Kook N Keech, Modarapido, among others. Launched in 2012, Roadster is Myntra’s biggest private label brand with its GMV crossing Rs 1,500 crore in 2022, followed by sportswear brands HRX and ethnic wear brand Anouk.
In 2017, under the leadership of Narayanan, Myntra wanted private label brands to constitute 35-40% of Myntra’s overall gross merchandise value (GMV), and launch multiple offline stores.