Myntra CEO Change: Strategic Shift & IPO Focus

Myntra’s recent announcement of Nandita Sinha stepping down as CEO may have surprised some observers. However, such transitions are not new to Myntra, particularly at critical moments in its evolution.

Sharon Pais, a Flipkart veteran, is now at the helm as the new CEO. She is expected to lead Myntra forward, especially with a potential IPO on the horizon.

According to a Myntra spokesperson, this leadership transition highlights the company’s robust internal leadership and strategic evolution as it enters a new phase. The focus remains on consistent execution and sustained long-term growth.

Sinha, who succeeded Amar Nagaram in late 2021, oversaw Myntra’s journey to profitability in four years. Nagaram had served as CEO for two years, following Ananth Narayanan, who led the company from 2015 to 2019.

While Sinha’s departure may have been unexpected, her tenure saw Myntra achieve profitability. The company also ventured into private labels, explored new channels like quick commerce, and experimented with multiple apps within its primary platform.

Sources close to Myntra’s leadership noted that Sinha’s deep understanding of the Flipkart Group enabled her to drive both revenue and profitability while managing the intricate relationship between Myntra, Flipkart, and Walmart.

When Sinha took over in 2022, Myntra was experiencing losses, reporting a ₹782 Cr loss in FY23. However, by FY24, the company turned profitable, reporting a profit of ₹31 Cr, which further increased to ₹548 Cr in FY25, with revenues climbing 18% to ₹6,042 Cr.

Myntra’s profitability has been significantly boosted by improved logistics efficiencies and cost rationalization. Unlike Amazon, Myntra requires sellers to use its logistics platform for fulfillment and shipping, creating an additional revenue stream.

Additionally, Myntra has reduced warehousing and inventory storage costs by enabling sellers to manage their inventory storage, packing, and labeling, a move considered transformative in the fashion ecommerce sector.

Insiders suggest that scrutiny is now focused on Myntra’s private label business. Between 2020 and 2023, private labels such as Roadster, HRX, Here & Now, and Dressberry contributed significantly to Myntra’s revenues.

Private labels typically offer higher gross margins because the ecommerce platform controls the brand, pricing, inventory, and customer experience. However, in the last 15-18 months, Myntra’s private label revenue share has decreased, failing to keep pace with the company’s overall growth.

Building private labels requires substantial investment in design, sourcing, inventory, and marketing, demanding working capital, managing inventory risks, and continuous brand building. These factors do not align with current fashion ecommerce trends, which favor affordable categories and broader selections, targeting audiences in smaller cities and towns.

Myntra’s private label brands, being more premium, are better suited for urban and affluent shoppers, while new users from smaller cities prioritize affordability.

As a result, the costs of maintaining private label operations, including design teams, exclusive sourcing, and brand marketing, have remained high even as revenues decline. Currently, 90% of Myntra’s private label manufacturing is outsourced to third-party vendors due to rising workforce and sourcing costs.

With Pais now in charge and a potential IPO approaching, Myntra is shifting its focus away from private labels. The company aims to revitalize its private label business and improve margins. The emphasis is now on established Indian and international brands, as well as new-age brands targeting Gen Z shoppers.

Myntra’s international brand portfolio experienced a 50% year-over-year growth in the March quarter, with 40 new brands added in 2026. The company is reverting to its marketplace roots, seeking to collaborate with global brands looking to enter the Indian market.

Myntra’s value proposition includes access to 75-80 million monthly active users, delivery coverage across 98% of serviceable pin codes, and a platform built on personalized discovery and data-driven fashion intelligence.

Venu Nair, a retail veteran and former MD and CEO of Shoppers Stop, is leading strategic partnerships and omnichannel initiatives at Myntra. M-Now, the quick commerce vertical launched in November 2024, is another key area for new brands. As of November 2025, M-Now accounted for approximately 10% of total orders in the 10 cities where it operates.

Pais and her team will need to enhance M-Now’s growth and leverage newer brands to make this strategy successful. Currently, Myntra lacks a broad selection of SKUs and brands to exert leverage. The Flipkart Group aims to closely monitor Myntra, and Pais’ experience in leading Flipkart Fashion will be crucial as Myntra returns to its marketplace foundation.

For Myntra, 2026 represents a pivotal moment characterized by cost-cutting, rethinking private labels, and thoroughly evaluating every revenue stream before Flipkart proceeds with its draft IPO papers. The company is evolving from a high-risk experiment to a more stable entity.