Ananth Narayan appointed as a CEO of Fashion and lifestyle online portal “Myntra” in 2016. He is former head of McKinsey’s. The company was founded in 2007 by Indian Institute of Technology graduates with a focus on personalisation of gift items. By 2010, Myntra shifted its focus to the online retailing of branded apparel.
Narayanan received his B. E from University of Madras in Engineering and his Masters from the University of Michigan, in Industrial Engineering and Operations Research.
In May 2014, Myntra.com merged with Flipkart to compete against Amazon which entered the Indian market in June 2013 and other established offline retailers like Future Group, Aditya Birla Group and Reliance Retail.
On his new role, Narayanan said, “Myntra is a very unique player in the e-commerce space and I feel privileged to be able to work with both Myntra and the Flipkart teams to jointly shape the next S curve for Myntra.”
Now labelled by the media as the “Merchant of Fashion” in India, mukesh bansal‘s Myntra initially started out as B2B company, catering personalized gift items to corporate firms before they delved into what they are now famous for- E-Commerce. Through their online retailing portal, the new CEO Ananth Narayan started cater to customers all over India, giving customers the liberty to choose between 300+ brands- Indian and International in 2016.
Myntra was founded in 2007 and headquartered in South Bangalore from a three-bedroom flat. Combined by graduates from the Indian Institute of Technology, Mukesh Bansal along with Ashutosh Lawania and Vineet Saxena founded the very base of Myntra. Ashutosh Lawania and Vineet Saxena then stepped aside in 2010 when the company pivoted towards online retailing.
To put the icing on the cake, their association with Bollywood celebrities such as Hrithik Roshan, Kangana Ranaut, Ranveer Singh, and Lisa Haydon and so on has put them in the limelight all year round for Myntra success.
From making 9-crores in the first financial year (2009-10), to 773-crores the last financial year (2015-16), the 78% jump in revenue is a validation of the popularity of the company and the trust customers share with them.
Myntra merged with giants Flipkart, handing over the ownership to Flipkart. While Myntra still functions as an independent body, the 2000-Crores deal was an attempt to boost their market share from 50% to 70%. Common shareholders such as Tiger Global and Accel Partners were the catalysts in the merge.
Myntra’s CEO Ananth Narayanan believes that his company will enter the $1billion club by March 2017.
Facts and accusations of Myntra:-
- Myntra first started out by making personalized gifts. Between 2007 and 2010, the online portal allowed customers to personalize products such as T-shirts, mugs, mouse pads, calendars, watches, teddy bears, pendants, wine glasses and jigsaw puzzles.
- In 2011, Myntra expanded its catalogue to include fashion and lifestyle products and moved away from personalization.
- In 2014 Myntra merged with another Indian e-commerce giantcom to compete with Amazon.
- In May 2015, Myntra moved on to app-only business model wherein customers can only buy and transact in their site through smart phones.
- Myntra was voted as the “India’s Most Admired & Valuable Power Brand Award 2016” at 7th Annual India Leadership Conclave & Indian Affairs Business Leadership Awards 2016.