Jabong CEO Sanjeev Mohanty has quit the ailing fashion e-tailer and is likely to be named the new India head of Levi’s. According to The Economic Times, Mohanty is expected to take up the new assignment once Jabong’s ongoing discussions to find a buyer are wrapped up in the coming weeks.
Jabong has been scouting for a buyer for about a year and the talks are led by co-owner Kinnevik AB’s CEO Lorenzo Grabau.
READ: Flipkart, Alibaba, Future Group, Abof in race to buy Jabong
Sanjeev Mohanty joined Jabong as CEO and MD in December 2015, in a bid to turn around the struggling firm. However, as Jabong steadily loses significant market share to competitors like Myntra and Amazon, Mohanty has decided to call it quits.
READ: Jabong appoints Sanjeev Mohanty as CEO & MD
According to a report: The local unit of Levi Strauss & Co has been searching for a new managing director after Sanjay Purohit left to join private equity firm Samara Capital. Mohanty is credited with building Benetton into the largest foreign fashion brand in the country during his 11-year stint with them.
As Jabong steadily loses significant market share to competitors like Myntra and Amazon, Mohanty has decided to call it quits
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