India’s leading e-commerce company, Flipkart-owned Myntra will layoff employees amid restructuring.
Additionally, it is expected that the e-commerce company is likely to eliminate about 50 roles across the organization.
“In our endeavor to cater to the ever-evolving needs of our customers, new developments, and technology innovations, we recalibrate our business priorities and review our organizational structure from time to time,” the statement said.
“As part of this business-as-usual recalibration, wherever a small number of roles may be impacted, we offer our employees an opportunity to alternate positions, where available, within the organization as well as Group companies,” the statement added.
Myntra has launched around 20-25 private labels over the past many years internally. This is referred to as ‘master brands’. The company will be focusing on these brands.
The year 2023 has been a year of layoffs over 3 Lakhs employees (1,600 people per day) were laid off in 2023.
The move of layoffs is part of a larger trend of tech companies cutting jobs and slowing hiring as investors become increasingly fearful of a recession. Tech companies have either frozen the hiring process or laid off many employees.
Meta is cutting employees in its business segments. The layoffs come a month after cuts targeted the Facebook parent’s core tech jobs and are part of a 10,000-employee layoff announced in March.
Amazon sacked 27,000 employees in the last three months. The major companies that laid off employees include Infosys, Amazon, Google, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.
The consulting giant Accenture shocked the industry by announcing plans to trim its workforce by 19,000 globally including India over the next 18 months.
So far in 2023, there have been 1,296 layoffs at tech companies with 323,460 people impacted (1,563 people per day). In 2022, there were 1,557 layoffs at tech companies and 243,318 people impacted (667 people per day).