Anonymous comment on Quora says leadership team “revolted” against new CEO at FashionandYou
At FashionandYou, the flash site owned by Smile Group, controversies don’t seem to die. The leadership team of the site has “revolted” against Abhishek Goyal, the new chief executive officer of the company, alleged a new post on Quora.
The authenticity of the post could not be independently verified. However, we have been in touch with Smile Group founder Harish Bahl to know more.
Goyal, who was the chief executive officer of Urbantouch, took over at FashionandYou a few months ago after Pearl Uppal who co-founded the flash site quit. Urbantouch was acquired by FashionandYou in August for $30mn (?) in a cash and equity deal.
He was brought in by FashionandYou to slow the rate at which it was burning through cash and improve bottom line, the post said adding that the topline of FashionandYou has not improved significantly and things came to a head when 10 people from production team including some senior employees from logistics department were asked to quit. The new chief executive officer “sidelined” Smile Group founder Harish Bahl and laid off the “entire technology” team in Bangalore along with the companies Chief Financial Officer Sumit Gupta, the anonymous post alleged.
It further said (paraphrased): Bahl called up a private meeting summoning the core leadership team including directors of marketing, sourcing, merchandising, chief technology officer and Gupta. The team called up a meeting with investors yesterday and presented the scenario while questioning the investors on their decision to hire Goyal.
Earlier, Pearl Uppal, Gaurav Kachru along with some senior employees such as VSSK Prasad (co-founder & Director B2B , bestylish) had left the group.
Sequoia backed Smile Group’s founder, Bahl had said in an earlier interview with NextBigWhat that the departure of group’s employees was blown out of proportion in the media as a handful of disgruntled employees (mostly fired ones) have “connived with the media and doctored a spurious work culture at the group’s portfolio companies.”
We don’t know – but something doesn’t seem to be right. We have reached out to Harish Bahl and will update with more details (as we get them).