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Tag: jabong

Jabong to Lay Off Another 200 People in Three Months
News

Jabong to Lay Off Another 200 People in Three Months

The Myntra Jabong merger has been a setback to its employees as this led to the lay off of so many workers. And now, Myntra could sack another 200 staff at Jabong in the next three months after deciding to lay off around 250 employees. Myntra’s chief executive Ananth Narayanan stated that about 250 jobs will be lost as Myntra and Jabong are combining functions from finance, technology, marketing and creative teams among others departments. Also, a source mentioned that Jabong employs around 600 people. “Myntra and Jabong will now fully integrate all the remaining functions including technology, marketing, category, revenue, finance and creative teams,” a Myntra spokesperson said in a statement. “To remain the leader in fashion e-commerce in India, we have to find ways to operate mor...
Myntra & Jabong Merge, Lay off 150 Employees
BUSINESS

Myntra & Jabong Merge, Lay off 150 Employees

The e-commerce fashion players Myntra and Jabing that have played a major role in the industry are reportedly merging and this has come days after Walmart put the two fashion businesses of the Flipkart Group under direct control of CEO Kalyan Krishnamurthy. "Since Myntra’s purchase of Jabong in mid-2016, the two brands have been steadily integrating key business functions and streamlining processes. This has resulted in revenue growth and a significant improvement in the customer experience.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 teams," the company stated. As a part of the deal, Narayanan will continue to lead the team and also the company's independe...
Two Myntra-Jabong Senior Officials to Exit by December
News

Two Myntra-Jabong Senior Officials to Exit by December

With senior executives resigning from various important companies, Chief marketing officer of Myntra and head of Jabong Gunjan Soni, and Myntra’s chief strategy officer and head of categories Ananya Tripathi have decided to leave the organization. Both the executives will work with their respective companies till the end of this year. “Gunjan has played a key role in firmly positioning the brand Myntra as the leading destination for fashion and lifestyle,” stated Narayanan. “Ananya has played a key role in strategy and made five successful acquisitions, including Jabong.” Narayanan will continue to head Jabong, working closely with the teams on a daily basis. On the other hand, Manohar Kamath will take over an interim head of categories along with his current portfolio of Myntra Fashi...
China’s Fashion Retailer Shein to Expand to Smaller Regions in India
BUSINESS

China’s Fashion Retailer Shein to Expand to Smaller Regions in India

China’s fashion e-commerce player Shein has become quite popular in India just within one year of its presence. For the company, India has emerged as an important market with its mobile app crossing 5 million downloads. The fashion retailer at present delivers to over 15,000 pin codes in tier-I and II cities in India and is now further planning to focus on smaller towns by expanding its services beyond western fashion. “India is a very important market for us and we think there is a huge opportunity in the tier-III and IV towns,” said Malcolm Yam, general manager at Shein India. “This is why we have started partnering with local designers to create fusion and Indo-western outfits for the Indian audience.” Shein has been successful in more than tripling its business revenue in India fo...
Flipkart Completed Buyback Share Programme Worth $100M, With 3,000 Participants
BUSINESS, INDIA

Flipkart Completed Buyback Share Programme Worth $100M, With 3,000 Participants

Indian online e-commerce giant Flipkart has recently completed its $100 million re-purchase of employee stock options (ESOPs), marking it the largest share buyback programme in Indian startup history, a financial daily reported. In a release on Wednesday, Flipkart said that over 3,000 existing and former employees of Flipkart, PhonePe, Myntra, and Jabong had participated in this programme, Mint reported. “Employees are our biggest source of strength, without whom Flipkart couldn’t have built the e-commerce industry in India. As an organisation, we believe they should be equal partners in Flipkart’s success. This ESOP repurchase programme is an extension of that culture, and a token of thanks for the dedication and hard work they have put in over the years. We’re delighted to be setti...
Amazon, Flipkart, Snapdeal Accused of Violation of FDI Norms
BUSINESS

Amazon, Flipkart, Snapdeal Accused of Violation of FDI Norms

Confederation of All India Traders (CAIT), leading advocate for small traders and businesses in India, with around 6 crore merchants across 40000 affiliates, urged the government to take action against e-commerce firms like Amazon and Flipkart, accusing them of violation of FDI norms by undertaking retail trading activities. (more…)
Myntra-Jabong CEO Ananth Narayanan Joins Marico’s board
News

Myntra-Jabong CEO Ananth Narayanan Joins Marico’s board

FMCG firm Marico has appointed Myntra-Jabong CEO Ananth Narayanan on its board as an additional (Independent) Director. Narayanan's appointment is for a five year time and is subject to the approval of the shareholders at the upcoming annual general meeting. With Narayanan's appointment, Marico's board now has six independent directors besides chairman and non-executive director Harsh Mariwala, MD & CEO Saugata Gupta and two non- executive directors. Narayanan, a Masters from the University of Michigan in Industrial Engineering and Operations Research, is also on the Industry Advisory Board of the university's Tauber Institute. He started his career with Mckinsey & Company where he worked for 15 years. Narayanan joined Myntra as CEO in July 2015 and has led multiple strate...
News

Jabong Targets 5 million Shoppers, 5x Sales Growth in Myntra’s “End of Reason Sale” to Mark The New Year

All the shopaholics, get set to welcome the new year with style and aplomb. Jabong, India’s leading online fashion retailer, has announced its participation in Myntra’s sale event, the “End of Reason Sale”, which will start from the midnight of 3rd January and continue till 5th January 2017 midnight. More than 300,000 styles from a wide collection of more than 2,500 national and international brands will be available at up to 80% discount during this sale. Jabong is targeting a 5x growth in its sale during this period.   Speaking about the End of Reason Sale, Mr. Rahul Taneja, Chief Business Officer, Jabong says “Jabong is excited and geared up to be a part of Myntra’s iconic End of Reason Sale (EORS). EORS has now become an annual high point for online fashion shoppers, and this is ...
Myntra Has Acquired Jabong, Pips Future Group & Snapdeal
ACQUISITION

Myntra Has Acquired Jabong, Pips Future Group & Snapdeal

Myntra, a fashion portal owned by India's largest online retailer Flipkart has acquired online merchandise retailer Jabong. Sachin Bansal, Flipkart's co-founder, confirmed the news by welcoming Jabong India to the Flipkart family in a tweet. Welcome @JabongIndia to the @Flipkart family. We'll create history together.— Sachin Bansal (@_sachinbansal) July 26, 2016 The talks of sale were fueled by reports that Jabong's current owners AB Kinnevik and Rocket Internet were reluctant to pump in more money into Jabong. According to Mint, Kinnevik was seeking a valuation of USD 100-150 million for Jabong. After the deal, Jabong will become part of Myntra which in turn is owned by Flipkart. Earlier there were speculations that Kishor Biyani-led Future Group is in talks to buy Jab...
Jabong Narrows Down Gross Loss to 46.7 cr in 2015
BUSINESS

Jabong Narrows Down Gross Loss to 46.7 cr in 2015

Online lifestyle retailer Jabong has narrowed down its gross loss to Rs 46.7 crore for 2015 on the back of lower level of discounts. The gross loss of the company stood at Rs 159.5 crore in 2014, the company's parent Rocket Internet said in an investor presentation today. The company's net revenue rose 7.1 per cent to Rs 869.1 crore for the reported year compared with Rs 811.4 crore in 2014. "Gross profit margin improved by 14 pp (percentage point) driven by lower level of discounts," the company said. For the fourth quarter of 2015, the companys gross loss declined to Rs 1.9 crore as against Rs 45.9 crore in the same quarter last year. "The increased focus on gross profit margin, unit economics and overall profitability resulted in net revenue and GMV decline in Q4 ...
FUNDING

Life For One More Year “Jabong” Raises $20 million Fresh Funding

Jabong, India's one of the leading Fashion ecommerce company has raised additional funds by Global Fashion Group (GFG), so that it can stay afloat for one more year. "The board has agreed to put more than $20 million in Jabong," a person who participated in the meeting held in Luxembourg told ET.GFG was founded in 2011 by Swedish Investment AB Kinnevik and German Rocket Internet SE, and operates ecommerce ventures Dafiti in Latin America, Lamoda in Russia and the CIS, Namshi in the Middle East, Zalora in Southeast Asia and Australia while operating Jabong in India. However, Oliver Samwer, CEO of Rocket Internet and deputy chairman at GFG, was not in favour of continuing in India venture, it was Kinnevik that insisted on staying put, leading to which the board eventually agreed to b...