Myntra, the e-commerce platform owned by Flipkart, is currently undergoing an internal restructuring that will lead to approximately 50 employees being laid off.
The roles impacted by the restructuring will span across various verticals, but the private label biz will be highly impacted.
Confirming the development to Entrackr, a Myntra’s spokesperson said, “In our endeavor to cater to the ever-evolving needs of our customers, new developments, and technology innovations, we recalibrate our business priorities and review our organizational structure from time to time.”
The spokesperson added that the number of affected employees could be lower as the firm will provide opportunities to alternate positions within the group.
ET, which reported the development first, highlighted that Myntra will prioritize key brands such as Roadster, HRX, and Mast and Harbour, channeling its efforts into their growth and development.
Ahead of the restructuring, Myntra’s private label chief Manohar Kamath resigned in April this year while head of new businesses Adarsh Menon also left the company in May to start his venture.
Myntra is yet to disclose its FY23 financials. During FY22, the company crossed the Rs 3,5o0 crore operating revenue mark, with over 45% growth as compared to Rs 2,407 crore in FY21. As per Fintrackr’s analysis, losses of the firm also inclined around 39% to Rs 597 crore in FY22 from Rs 429 crore in FY21.
