Top News

Jabong in talks with Benetton’s Sanjeev Mohanty for CEO post

  • Online fashion
    retailer Jabong is close to naming a new chief executive officer, reported the
    Mint.
  •  
  • The company is also pumping
    in fresh capital as it seeks to revive its struggling business and regain

    • Online fashion
      retailer Jabong is close to naming a new chief executive officer, reported the
      Mint.
    •  
    • The company is also pumping
      in fresh capital as it seeks to revive its struggling business and regain
      ground lost to rivals such as Flipkart, Myntra and Amazon India.
    •  
    • Gurgaon-based Jabong,
      owned by Global Fashion Group (GFG), is in advanced talks with Benetton India managing
      director Sanjeev Mohanty to take charge as the new CEO, according to two people
      aware of the development.
    •  
    • The company has also
      hired former Gaana.com product head Saurabh Goel as chief product officer;
      Sumit Jain, the former chief technology officer of HT Media Ltd’s digital
      business, as the chief technology officer; and Saurabh Srivastava from MobiKwik
      as the chief marketing officer, according to sources.
    •  
    • In a statement, Nils
      Chrestin, interim CEO at Jabong and the chief financial officer at GFG,
      confirmed the appointments of Goel, Jain and Srivastava.
    •  
    • “We are in advanced
      discussions on a number of potential hires including the CEO. We do not
      currently have any further binding appointments and will announce those as soon
      as we can. In the meantime we do not encourage speculation on individual
      names,” Chrestin said in the statement.
    •  
    • Fashion is an
      important, high-margin product category for online retailers in India and
      marketplaces such as Flipkart, Amazon and Snapdeal have managed to gain
      significant market share from specialty firms such as Myntra (owned by Flipkart
      Ltd) and Jabong.
    •  
    • Jabong currently
      offers more than 190,000 products from 1,800 brands, including well-known
      international brands and its own labels.
    •  
    • Since the beginning
      of 2015, investors have pumped over Rs 300 crore into Jabong, according to
      documents filed with the Registrar of Companies.
    •  
    • While Jabong was neck
      and neck with rival Myntra until early 2014, the latter has significantly
      increased its market share over the past 15 months. Flipkart acquired Myntra in
      May 2014 and has been pumping in hundreds of crores of rupees to expand its
      offering and give deep discounts to boost sales growth.

     

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close