Leading fashion portal Myntra faces the exit of two of its senior employees. Prasad Kompalli and Abhishek Verma are the ones looking at leaving the company for other opportunities. Kompalli is the head of commerce, and Verma is the head of fashion brands.
A statement from Myntra reads, “Kompalli will be moving into an advisory role from October, in order to devote his time to his personal ambitions and building on his rich experiences at Myntra. A senior leader from the retail industry will be taking over from Abhishek Verma in September as the new head of Myntra Fashion Brands.”
Joining others who recently left
Verma and Kompalli are not the first to have left the company. Prabhakar Sunder, who was the finance head of Myntra, moved to Voonik as its CFO in July. Gautam Kotamraju, the company’s Chief Creative Officer joined Amazon in July.
A Myntra spokesperson says, “Myntra is in the process of strengthening its management team to drive growth after the recent market transforming actions.”
This is a direct reference to the recent Flipkart-Jabong takeover. With this buy, the three together hold 70% of the online fashion share.
Brands jumping ship too
It is not just the employees who are leaving Myntra. Scotch & Soda, a Dutch brand has moved out of its exclusive deal with Myntra. The brand has entered into an agreement with Reliance Brands.
Darshan Mehta, president and CEO of Reliance Brands explains, “Myntra will be one of the channels for us and we will continue to sell through them. But we are now the exclusive master franchise partner of Scotch & Soda across all channels in India.”
Changing loyalties is nothing new. Recently Manish Maheshwari left Flipkart to join Web 18 as CEO. Maheshwari headed seller marketplace and ecosystem. Snapdeal’s senior VP Srinivas Murthy left the company to begin his own venture.
In an industry where stability is a distant dream, sometimes individuals put themselves before other priorities.