Myntra fires 50 employees across divisions as part of restructuring process

Popular shopping app Myntra has laid off employees as part of their restructuring exercise. As per reports, close to 50 employees have been impacted in the latest round layoffs conducted by the company. However, some of the employees will be placed within the Flipkart Group as the reshuffle is still going on, a Myntra spokesperson told Inc42.As a result, the number is expected to be less than 50.

"In our endeavour to cater to the ever-evolving needs of our customers, new developments, and technology innovations, we recalibrate our business priorities and review our organisational structure from time to time. As part of this business-as-usual recalibration, wherever a small number of roles may be impacted, we offer our employees an opportunity to alternate positions, where available, within the organisation as well as Group companies," a Myntra spokesperson told Inc42.

The restructuring comes as part of Myntra's effort to adapt to the changing needs of its customers and technological advancements. While the company aims to focus on a few private labels in the apparel space, its in-house brands vertical is expected to be the most affected.

Myntra has been briefing several employees on the matter, and an official announcement is likely to be made during a planned town hall on July 26.

Some of the well-known brands that Myntra plans to focus on include Roadster, HRX, and Mast and Harbour, which have been among the top-selling brands on the platform. In recent years, Myntra has introduced more than 20 'master brands' to its collection.

The decision to lay off employees comes three months after Manohar Kamath's departure from the company. Myntra has been facing stiff competition from other fashion ecommerce players like AJIO, Nykaa, and Tata CLiQ in India's saturated fashion market.

The layoffs at Myntra add the company to the growing list of startups that have let go of employees over the past 18 months. According to Inc42's 'Indian Startup Layoff Tracker', more than 100 startups have laid off over 28,000 employees since February 2022.

As the situation continues to evolve, Myntra remains committed to its business priorities and adapting to the dynamic demands of the fashion e-commerce market. The company is hopeful that the strategic changes will help it thrive in the competitive landscape and meet the expectations of its GenZ customers.