Layoffs 2023: Myntra to cut 50 jobs in a restructuring move

Myntra that is owned by Flipkart is likely to eliminate 50 roles in a restructuring move. The e-commerce company in a statement has said that the employees who would be let go can find alternate positions within the organization or group companies. Some of the impacted employees will also be given jobs in one of the Flipkart companies

"As part of this business-as-usual recalibration, wherever a small number of roles may be impacted, we offer our employees an opportunity to alternate positions, where available, within the organization as well as Group companies,” the statement added.

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This comes, after Redseer noted that rate of increase in e-commerce gross merchandise value (GMV) has slowed in the previous financial year. As per the report by Redseer, E-tailing GMV grew by about 44% from $25 billion in FY20 to $36 billion in FY21 which further increased by around 36% YoY to $49 billion in FY22. The pace of YoY growth, however, slowed sharply to 22% in FY23 when the GMV increased to $60 billion.

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The Economic Times first reported the development saying the decision would majorly impact employees working on Myntra’s private labels which include Roadster, HRX, and Mast and Harbour among several others.

This comes as Myntra is taking efforts to become profitable. Last Month, Myntra had started levying a convenience fee of Rs 10 on every order placed on the platform which would provide some support to Myntra’s financials.