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Report: CEO of Flipkart's fashion biz to step down

Ananth Narayanan, CEO of India's Myntra-Jabong, a fashion business under Walmart Inc.-controlled Flipkart Group, has stepped down from his role, Mint reported Dec. 10, citing three people familiar with the matter.

The sources also said the position will be eliminated entirely after Narayanan's departure, which is reportedly expected to happen in January 2019.

This news comes just weeks after Narayanan said he was not planning to step down as CEO of the business, which comprises two separate entities, Myntra and Jabong, operating as one unit.

Flipkart Online Services Pvt. Ltd. executive Amar Nagaram will assume leadership of the unit, according to the report.

The sources also told Mint that Myntra's chief revenue officer Mithun Sundar and human resources head Manpreet Ratia are also leaving, while Manohar Kamath, head of Myntra Fashion Brands, was reportedly transferred to Flipkart's own Fashion Retail unit.

Meanwhile, more layoffs are expected across both Myntra and Jabong in the coming weeks as part of their ongoing integration, which has already resulted in about 150 to 200 job cuts, according to the report.

Walmart owns a 77% stake in Flipkart, which acquired Myntra in 2014. Myntra, in turn, bought Jabong in 2016.