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Myntra chalks out new strategies to drive growth

Myntra chalks out new strategies to drive growthA lot is taking place at Myntra. Firstly, the e-commerce company plans to move out of its current Bengaluru office in the next few months. Its parent company Flipkart Group is currently working out a lease agreement in a nearby location in Silk Board as the company’s existing facility did not comply with the Indian fire safety norms or standards However, this shift is just a part of other changes taking place at Myntra. These include: changes in e-tailer’s internal -- reporting structure and its external-decision making patterns.

Stabilising operations under new leadership

The basic idea behind the implementation of these changes was Myntra chalks out new strategies to driveto bring Myntra out of the shadow of its former CEO, Ananth Narayanan, who quit his post soon after Myntra was acquired by Flipkart. These changes increased the company’s annual attrition rate from 20 to over 30 per cent in the last two months. Myntra now plans to stabilise its operations under Krishnamurthy and his trusted executive, Amar Nagaram -- Myntra's new head of product and engineering.

Alongwith this, the decision-making process in the company is also undergoing transformation. Earlier, a decisions regarding a capital of Rs 10- Rs 15 crore would be cleared by a senior director or an executive of a similar rank. Now, it needs to be approved by the senior leadership. Walmart is also scrutinising the compliance standards for Myntra’s third-party vendors for their adherence to ethical standards.

As the Flipkart Group was making these changes, Jabong and Myntra merged key functions across their technology, marketing, category, revenue, finance and creative teams in November. As a result, about 150-200 people were laid off.

This merger also indicates a shift in Myntra’s strategy towards omni-channel retail. The e-tailer’s first offline store –named after its private label Roadster-- is being shut and its plans to open 15-20 cosmetic stores also hangs in the air.

Synergy to improve efficiency, meet targets

Many of the changes are also being driven by the fact that Myntra was not able to meet its set targets. The e-tailer was expected to hit gross sales of $1.2 billion by the end of March 2018 but it managed to reach this target only after a year.

Another reason why Myntra plans to closely integrate with Flipkart Fashion is because now the source of future capital for the company is Walmart. Myntra was earlier being run as a separate company as investors were also exploring an option of an IPO for the unit. However, now Flipkart and the Myntra-Jabong need to work together to improve their efficiencies.

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