November 16, 2018 / 4:45 AM / a month ago

CEO of Flipkart's fashion unit Myntra quits, job cuts seen - Times of India

Nov 16 (Reuters) - The chief executive officer of Indian online fashion retailer Myntra, Ananth Narayanan, has decided to resign, days after the co-founder and group chief executive of its parent Flipkart stepped down, the Times of India reported on Friday.

Bengaluru-based Myntra, which was bought by e-commerce group Flipkart in 2014, could also see a job cut of up to 500 people, the paper reported bit.ly/2RUvhDR, citing sources.

Myntra Chief Financial Officer Dipanjan Basu has also decided to put in his papers, the paper said.

Flipkart did not comment on the report. Myntra did not immediately respond to a Reuters request for comment.

Flipkart Group CEO Binny Bansal resigned earlier this week following allegations of sexual assault that dates back to a few years.

Walmart Inc bought a roughly 77 percent stake in Flipkart in May for $16 billion.

The Business Standard daily reported on Thursday Narayanan’s resignation was on the cards after Flipkart revamped its reporting structure following Bansal’s exit. (Reporting by Chris Thomas in Bengaluru; Editing by Gopakumar Warrier)

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