Fashion and lifestyle online retailer Jabong has roped in Benetton's Sanjeev Mohanty as its new chief executive officer (CEO) and managing director (MD), as the company seeks to revive its fortunes amid growing competition from the likes of Flipkart, Myntra and Amazon.
Mohanty's appointment will be effective from December, said the company.
Mohanty, with over 20 years of experience in the fashion industry, worked at Benetton India for more than 11 years, including eight of them as the MD. Before joining Benetton India, Mohanty worked as general manager at Madura Garments and brand head for SF Jeans.
"We are delighted to have Sanjeev spearhead the development of Jabong as CEO. His strong leadership skills and deep understanding of fashion and the Indian consumer, coupled with the continued commitment from GFG's shareholders, will allow Jabong to further strengthen its position as the leading online fashion destination in India," Livemint quoted Romain Voog, chief executive of Jabong's parent company Global Fashion Group (GFG), as saying.
While four of Jabong's five founder-managing directors have left the firm in the past one year, the fashion retailer has appointed Nils Chrestin, chief financial officer at GFG, as interim CEO.
GFC is planning to infuse fresh capital into the firm, as it looks to revive Jabong's business with the new team.
"Jabong will be among the first Indian e-commerce firms to turn profitable," said Chrestin.
In September, Jabong reportedly to have held talks with Snapdeal, India's second-largest online retailer, to sell stake in the company following a rapid rise in losses.
Jabong recorded a five-fold increase in losses to Rs 160 crore during the calendar year 2014 due to high discounts on its offerings, although its revenue went up 136% to Rs 811 crore.
