The company stated that Kompalli will be setting up and leading Myntra’s Corporate Strategy and Business Analytics team, which will be responsible for developing Myntra’s overall strategy. Myntra CEO Mukesh Bansal also stated that Kompalli will be responsible for formulating the company’s business strategy and driving its various new initiatives.
Prior to this appointment, Kompalli had co-founded a medical firm called Indus Bionics Systems and Technologies Pvt Ltd, which developed active medical implants for emerging markets.
Before that, he also served as the Senior Vice President of Technology and Innovation Platform at SAP Labs. where he was responsible for leading an international team of engineers who developed products across various areas including mobility, business process management and EAI (Enterprise application integration) for the company. He also held various other strategy and general management roles in his six year stint at SAP Labs.
Kompalli comes to Myntra at a time when we are witnessing consolidation in the e-commerce segment, through several mergers and acquisitions in the past year. Myntra had also acquired the e-commerce venture Exclusively.in in a cash and equity deal in November 2012. The company stated that it was looking to expand Myntra’s operations internationally through this acquisition.
Myntra had also acquired Exclusively.in’s private label lifestyle apparel brand SherSingh. The company had stated that following the acquisition, the Sher Singh brand of products will be exclusively sold on Myntra.com and shersingh.com, although the SherSingh website was down for maintenance at the time of writing this article. Myntra had stated that Sher Singh’s senior management team along with its employees will be joining Myntra and help strengthen Myntra’s private label portfolio. Myntra added that it will also be maintaining Sher Singh’s New York design studio and leveraging Sher Singh’s fashion and design experience to strengthen its private label and presence in the US market.
Myntra claims to have a customer base of 3 million and 400,000 daily registrations as of June 2012 and claims to offer branded fashion and lifestyle products across more than 500 lifestyle brands. In June 2012, Bansal had also claimed that Myntra is on track to generate $80-$100 million revenue for this fiscal and intends to generate $250 million in the next fiscal. The company has raised a total of $40 million since its launch, from investors like Tiger Global, IndoUS, IDG and Accel Partners.
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