Fashion ecommerce platform Myntra, owned by Flipkart, has begun a restructuring exercise that is expected to result in layoffs. While media reports indicate that around 50 employees may be affected. A Myntra spokesperson clarified that some impacted employees might find placement within the Flipkart Group, reducing the final number of layoffs.
Myntra- Approach to Business Recalibration
A Myntra spokesperson stated that the company regularly recalibrates its business priorities and organizational structure to meet evolving customer needs, technological advancements, and new developments. As part of this recalibration, the organization or other Group companies are offering opportunities for alternative positions to employees impacted by the restructuring.
Impact on Verticals, Focus on Private Labels
The layoffs will affect roles across various verticals, with staff in the in-house brands vertical experiencing the most significant impact. Myntra’s new strategy is to concentrate on a few private labels rather than scaling its in-house brands in the apparel space. Brands such as Roadster, HRX, and Mast and Harbour will be in focus, being among the highest-volume brands in terms of sales on Myntra’s platform.
Myntra’s Efforts to Remain Competitive
Myntra faces stiff competition in India’s saturated fashion ecommerce market from competitors like Ajio, Nykaa, and Tata CLiQ. To stay relevant and attract GenZ users, the platform launched FWD, a GenZ-focused fashion experience portal, and plans to expand its customer base to 10 million GenZ users in the next two years. Currently, Myntra already serves 8.6 million GenZ users and aims to increase the number of styles available on FWD to over 100,000 by year-end. In addition, Myntra launched ‘Myntra Minis,’ a short video platform, to enhance user engagement and improve the overall shopping experience for customers.
Myntra Joins Growing List of Startups with Layoffs
Myntra’s restructuring and layoffs come amid a challenging landscape for startups. The company joins numerous others in the startup ecosystem that have had to let go of employees over the past 18 months. According to a report more than 100 startups have laid off over 28,000 employees since February 2022, reflecting the broader impact of the pandemic and market dynamics.
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