Myntra and Jabong to integrate back end and logistics functions

myntra_feFlipkart-backed Myntra and Jabong will share the same logistics infrastructure by bringing together their back end and supply chain functions, a report in a financial daily stated. “Myntra logistics will also be one of the partners for Jabong which already uses Ekart for shipping,” The Economic Times quoted Gunjan Soni, head of Jabong and chief […]

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Myntra launches first offline store in Bengaluru to push private label brand

Myntra launches first offline store in Bengaluru to push private label brandNearly seven months after Myntra announced its intent to go offline, the Flipkart-backed online fashion and lifestyle e-tailer has launched its first offline store in Bengaluru. The 4,000 sq ft store, which will be open to the public tomorrow, would be an exclusive store for what Myntra claims to be its biggest as well as […]

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Swedish investor Kinnevik to sell half its stake in Rocket Internet

KinnevikSwedish investment firm Kinnevik AB is selling nearly half of its 13% stake in German Internet conglomerate and incubator Rocket Internet SE. It plans to sell nearly 10.9 million shares, representing 6.6% of Rocket Internet’s issued share capital, to institutional investors at €19.25 per share, Kinnevik said in a statement on Wednesday. “Kinnevik’s gross proceeds […]

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Flipkart in talks to raise $1.5 bn from Microsoft, eBay and others

FlipkartHome-grown ecommerce major Flipkart is in talks with a bunch of investors to raise a significantly large round of investment as the company has started seeing a renewed growth momentum under the new leadership of CEO Kalyan Krishnamurthy. The firm is in discussions with global tech giant Microsoft Corp., online marketplace eBay Inc., online payment […]

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Myntra CMO Gunjan Soni to lead Jabong

Gunjan-Soni_feMyntra’s chief marketing officer Gunjan Soni has been appointed head of Jabong, a company statement said on Thursday. Soni is a management graduate from XLRI Jamshedpur who is credited with building ‘End of Reason Sale’, one of Myntra’s key revenue driving events. She has also worked with McKinsey and Company and Star India in the […]

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Myntra adds three new sellers to comply with FDI norms

myntra_feWith the deadline for compliance with foreign direct investment (FDI) norms approaching, Flipkart-owned Myntra has added three new sellers on its platform to reduce its dependence on Vector E-commerce Pvt Ltd, the biggest seller on the fashion e-tailer. A report in the Mint newspaper said, citing two people aware of the development and documents with […]

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Voonik appoints ex-Groupon executive as chief data scientist

Himmat Singh Padode, chief data scientist, VoonikFashion marketplace Voonik has appointed ex-Groupon executive Himmat Singh Padode as its chief data scientist, the company said in a statement on Thursday. Padode was previously leading the data team of coupons firm Groupon, from its Silicon Valley headquarters. He has also worked with companies such as Essar and Religare. “Voonik is building one-of-a-kind data […]

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Myntra to shut two Gurgaon offices, shift staff to Jabong’s premises

myntra_feIn a bid to cut costs, Flipkart-owned fashion e-tailer Myntra is shutting down two of its offices in Gurgaon and moving around 200 employees to Jabong’s premises in the same city, said a report in a business daily on Wednesday. Myntra had acquired competitor Jabong from Global Fashion Group last July for $70 million (Rs […]

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Myntra’s sales growth slows to 38% in FY16, losses widen

myntra_feFlipkart-owned fashion e-tailer Myntra posted a revenue of Rs 1,069 crore for FY16, registering 38% year-on-year growth. Losses widened by nearly 10% from Rs 741 crore to Rs 816 crore, according to a report in the Mint newspaper citing regulatory filings. The sales growth of 38% was a sharp fall from the 75% growth it […]

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