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Myntra appoints Ananth Narayanan as CEO

narayananFlipkart owned mobile fashion store Myntra has appointed Ananth Narayanan as its new chief executive officer. He will report at Myntra’s Bangalore headquarters starting the 1st of October 2015.

Narayanan will take over the reins from co-founder Mukesh Bansal, who will continue serving as the head of Flipkart’s commerce platform. Bansal will also assume the role of Myntra’s board chairman and continue to be involved in the company’s strategy.

Prior to Myntra, Narayanan led McKinsey’s product development operations in Asia and its Automotive Practice in India. He was at McKinsey’s for 15 years in four different locations including Chicago, Shanghai, Chennai and Taipei, and responsible for helping companies entering India or scaling up their India business by developing business plans, organizational models, strategies and mergers & acquisitions.

Last week Myntra appointed Ambrish Kenghe as senior VP and head of products. Kenghe was expected to join the company by the end of this month and will report directly to the CEO. In his new role, he will be responsible for product innovation for the company’s mobile products.

Native5 acquisition: In May, Myntra acquired the Bangalore-based mobile application development platform Native5 for an undisclosed amount. The deal was repotedly an acqui-hire, with the three co-founders of Native5, Manish Priyadarshi, Barada Sahu and Shamik Datta expected to be absorbed into the Flipkart technology team.

Shift to app only model: In April, Myntra revealed that it was planning to shut its desktop website on May 1 and shift to an app-only model. Subsequently, the platform shut down its website starting the 15th of May. Note that in March, both Flipkart and Myntra shut down their mobile websites and currently redirect users to the Play Store and App Store to download the respective applications. The app-only approach seems to make more sense for Myntra than Flipkart, as the former claims to already generate more than 90% of its traffic and 70% of its orders from its mobile app.

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