ET BureauMUMBAI: On Tuesday afternoon Sachin Bansal, co-founder of Flipkart, Ananth Narayanan, CEO of Myntra and Ashutosh Lawania, co-founder of Myntra spoke to all employees of Myntra in an all hands meet. They fielded questions addressing issues from possible mergers, employee retrenchment and a few on special discounts that Myntra employees could get on Jabong wares.
The meet via video conferences had Bansal and Lawania logged in from Delhi and Narayanan talking to employees from Mumbai. According to sources who attended the meet, Bansal said that fashion portal Jabong will work as a separate entity and there will be no mergers in the near future. On Tuesday morning Flipkart announced that its subsidiary Myntra bought Jabong for $70 million.
The top brass also stressed that with this acquisition, "Flipkart, Myntra and Jabong will own 70 per cent of the ecommerce market share, Myntra now owns the fashion category space in India". They also added that the company will have to shape the market further.
The management stressed that there will not be any employee retrenchments, mergers or team changes and they need to "synergise and work on positives of Jabong". In the morning Myntra CEO Narayanan had sent an email to employees stating, "We see significant opportunities across the two companies especially on brand relationships and consumer experience.
Also read: How Flipkart clinched Jabong from Snapdeal in just 3 days
Some of the most iconic global brands that will be exclusive across platforms include Forever 21, Lacoste, Dorothy Perkins, Topshop, Tom Tailor, G Raw Star, Bugatti Shoes, The North Face, Swarovski, and Timberland." "This acquisition further cements the Flipkart group’s position as the undisputed leader of Online fashion in India. I strongly believe this will unlock the next level of growth for Myntra and Jabong. This partnership will benefit the entire online fashion industry and most importantly our customers. I hope all of you will join me in celebrating this watershed moment in Indian online fashion," Narayanan said in his email.
Also read: Flipkart CEO Binny Bansal writes letter to employees on Jabong acquisition
Some of the employees asked if Myntra employees will be eligible for special discounts on Jabong wares but Bansal shot down the proposal saying no such benefit would be available.
The meet via video conferences had Bansal and Lawania logged in from Delhi and Narayanan talking to employees from Mumbai. According to sources who attended the meet, Bansal said that fashion portal Jabong will work as a separate entity and there will be no mergers in the near future. On Tuesday morning Flipkart announced that its subsidiary Myntra bought Jabong for $70 million.
The top brass also stressed that with this acquisition, "Flipkart, Myntra and Jabong will own 70 per cent of the ecommerce market share, Myntra now owns the fashion category space in India". They also added that the company will have to shape the market further.
The management stressed that there will not be any employee retrenchments, mergers or team changes and they need to "synergise and work on positives of Jabong". In the morning Myntra CEO Narayanan had sent an email to employees stating, "We see significant opportunities across the two companies especially on brand relationships and consumer experience.
Also read: How Flipkart clinched Jabong from Snapdeal in just 3 days
Some of the most iconic global brands that will be exclusive across platforms include Forever 21, Lacoste, Dorothy Perkins, Topshop, Tom Tailor, G Raw Star, Bugatti Shoes, The North Face, Swarovski, and Timberland." "This acquisition further cements the Flipkart group’s position as the undisputed leader of Online fashion in India. I strongly believe this will unlock the next level of growth for Myntra and Jabong. This partnership will benefit the entire online fashion industry and most importantly our customers. I hope all of you will join me in celebrating this watershed moment in Indian online fashion," Narayanan said in his email.
Also read: Flipkart CEO Binny Bansal writes letter to employees on Jabong acquisition
Some of the employees asked if Myntra employees will be eligible for special discounts on Jabong wares but Bansal shot down the proposal saying no such benefit would be available.
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