As a part of its ongoing restructuring strategy, Myntra might be laying off employees in the coming future. The Flipkart owned e-commerce platform may let go of 50 (or less) employees in the initial stages.
As per many media reports, the aim is to streamline its efforts to address the evolving needs of customers by adopting technological innovations and incorporating new developments. The strategy will allow the company to make changes across various departments, however, the in-house brands vertical will be the most impacted. The company will now aim to focus on a few private labels.
Additionally, as per a statement by the spokesperson from Myntra, the company follows a routine assessment where it reviews the business priorities and organisational structure. During the process, if few roles get affected, the company even offers the employees options to explore alternative positions within the organisation or other Group companies.
During this job cut round, some employees might also find opportunities within the Flipkart Group during the ongoing reshuffle, reports suggested. Moreover, the decision has been communicated to several employees, and an official announcement is expected to be made during a scheduled town hall on July 26.
Myntra has been striving to establish its unique position in India’s saturated fashion ecommerce market by taking various initiatives in the past few months.
In May, the Flipkart-owned platform introduced FWD, a fashion experience portal targeted towards GenZ consumers. Likewise, in June, Myntra introduced ‘Myntra Minis’, a short video platform, with the aim of boosting user engagement and enhancing the overall shopping experience for its customers.
The company is also focussing its marketing efforts to attract 10 million GenZ users and expand its overall customer base in the next two years. As of 2022, the platform already serves 8.6 million GenZ users.