Myntra To Undergo Changes Under Walmart’s Control

After acquiring Flipkart, Walmart is all set to transition Myntra, Flipkart’s subsidiary. In the coming few months, around 1800 employees will shift from Myntra’s current office near Kudlu Gate, Bengaluru. A spokesperson confirmed the reason for Myntra’s urgent relocation its existing facility not compliant with the Indian fire safety norms and standards. The source also said “The lease for the current office would have come up for renewal soon but on finding the fire safety standards not to be up to the mark, it was decided that Myntra will move to new offices. They (Walmart) are very particular about compliance.”

Myntra was acquired by Flipkart for $300 million in the year 2014. Hence, relocation is one of the few changes taking place at Myntra. A few spokespersons confirmed that there are several other changes planned for Myntra which include internal reporting structure and decision making. Another source cited that “Leadership changes aside, decision-making is also going through changes. Earlier, a business decision of say Rs 10- Rs 15 crore would be cleared by a senior director or an executive of a similar rank. Now, many such decisions are largely centralized and need the final nod of senior leadership.”

Source: Economic Times 

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