Walmart: Myntra to remain independent from Flipkart
Online fashion business Myntra is to remain independent and will not be merged with parent company Flipkart, a Walmart executive said on Tuesday, according to Economic Times sources.
The announcement comes amid growing concerns amid Myntra-Jabong employee concerns about a potential merger, in addition to increasing uncertainty caused by top-level departures.
Myntra’s executives have seen major restructuring from November last year including the departure of CEO Ananth Narayanan, while Jabong’s staff decreased by 40 percent with 200 departures.
Walmart international division president and CEO Judith McKenna told the company's employees during a visit to Bengaluru that India is an important market for Walmart and the business will continue to invest in it, sources told ETRetail.com.
McKenna also said that some of Myntra’s private label fashion brands will be launched in international markets, the sources said.
McKenna was reportedly joined by Walmart International CFO Richard Mayfield during the visit, which coincides with the upcoming one year anniversary of Walmart’s acquisition of Flipkart for $16 billion (Rs 1.06 lakh crore).
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