Myntra is a company which has been under the scanner after the arrival of the Chinese e-commerce companies in India. There is no way the company can match those brands for prices and discounts. However, Myntra has something better, the logistics of Myntra is way better than the Chinese e-commerce brands in India. This is where Myntra wins the battle, with better logistics and better quality as well.
The point is, since Walmart has taken over Flipkart, Myntra has gone through enormous changes. Currently, it is going to shift its entire office of 1,800 people to a different location sighting a problem of fire exits and the construction not complying certain rules and regulations. “The lease for the current office would have come up for renewal soon but on finding the fire safety standards not to be up to the mark, it was decided that Myntra will move to new offices. They (Walmart) are very particular about compliance,” a person aware of the matter told ET.
That being said, there are many such changes along with people at the helm changing chairs like clothes. Former CEO Ananth Narayan left the company when it was brought under the Flipkart’s umbrella. This has been a problem for the CEO that he had to report to the Flipkart CEO and could not take his own decision. This caused a major overhaul of the execs at Myntra. There were certain things no one could understand and the motive behind it was unknown to many.
Moving on, Myntra under Walmart is a different company. There are decisions which senior position members would take without consulting the higher authorities, however, every decision is now taken centrally and it helps in decision making as well. An employee tried to explain everything and said that it is how Walmart operates but there are a few new leaders in every decision.
He said, “Leadership changes aside, decision- making is also going through changes. Earlier, a business decision of say Rs 10- Rs 15 crore would be cleared by a senior director or an executive of a similar rank. Now, many such decisions are largely centralized and need the final nod of senior leadership. It’s a mix of Walmart’s style of running a tight ship as well as the new leaders in Myntra.”
A Myntra exec was also talking similarly. The numbers have also changed for good and the business is growing as the execs are exchanging positions up top. However, there have been many good things happening as well. The company’s attrition rate has gone up from 20% to 30% which is brilliant, to say the least and it shows that Walmart and the new leaders are moving in the right direction.