Two Myntra executives quit ahead of the festive season

Chief operating officer Ganesh Subramanian, who is setting up a consumer technology start-up and human resources head Pooja Gupta of app-only fashion retailer Myntra have put in their papers. Gupta would continue to be with the company as an advisor. The latest development comes at a time when etailers are busy chalking out strategies to cash in on the festive season ahead.

On the other hand, the company is said to be in talks with several top executives from the global firms. The company wants to rope in these executives to form a board of advisors as it looks to grow tenfold to become a 5-billion dollars (around Rs 32,000 crores) entity in the next four years. Now a part of India’s largest ecommerce company Flipkart, Myntra is eyeing growth independently though it does not have a board of its own.

Myntra has crossed 500 million dollars (about Rs 3,200 crores) in gross merchandise value, or the total value of the goods sold by the company, while rivals Jabong and FabFurnish could now match with the formers pace. The company now expects its in-house private brands to generate annual revenues of 100 million dollars (Rs 630 crores) each. To achieve its target, the company is now focusing on building a network of its own high margin fashion brands.

It already has 11 such labels including Roadster, Dressberry, Anouk (ethnic range for women), Mast & Harbour, Kook N Keech, Yellow Kite (for kids), Invictus, and HRX (a brand it jointly launched with Hrithik Roshan) and the premium brand Wrogm with Indian cricket star Virat Kohli.