MAM
Myntra signs on Chemistry & AKS, targets 10x growth & $1 bn valuation
MUMBAI: Myntra, a leading destination for fashion and lifestyle online, has announced the launch of its Accelerator Programme.
Through this initiative, Myntra is looking at forging strategic partnerships with about 10-15 local fashion brands that have a strong founding team and unique design sensibility. The program is designed to accelerate growth of these brands through technical, know how, analytics and branding support from Myntra.
Myntra has signed partnerships with two brands, Chemistry and AKS and has five more brands in the pipeline. Chemistry is a trendy fashion brand for women, who want to stand apart from generic fashion. With a reach of about half a million customers at present, its association with Myntra through the Accelerator programme is expected to take it to three million customers in the next three years. AKS is an ethnic wear brand for the modern day Indian women. The brand’s strong product value proposition has helped it scale to a $6 million annual GMV in three years. Under Accelerator, it is expected to witness a growth of 10X over the next three years.
Myntra-Jabong CEO Ananth Narayanan said, “We believe that the next 3-5 years will see the emergence of many new national brands. As leaders, Myntra and Jabong are well positioned to work closely with some of these emerging brands to propel them to the national stage.”
The brands will be able to leverage our core strengths – largest mass premium customer base and data driven insights on consumer, while also getting operational support. We are looking at creating about $ 1 billion incremental valuation for the Myntra Accelerator brands over the next three years.
CEO Chemistry Sunil Jhangiani said, “Being an offline brand with a strong foundation, our association with Myntra opens up a new world of opportunities for us in terms of reach, visibility and volumes through the online channel. Myntra’s expertise in building successful online brands over the years, backed by strong technological support will aid us in shaping the future of Chemistry and establishing it as one of the foremost fashion brands in the country. We expect the online sales to become 50% of the brand sales in 3-5 years.”
AKS founder Nidhi Yadav added, “As an online-first brand, we started small with a passion for design and identity. By associating with Myntra, we are taking the first major step towards creating a national brand. Myntra’s ability to build brands through digital marketing, capture and provide insights on customer behavior and enable reach to eight million+ women shoppers will be a game changer for our brand.”
With successful in-house brands such as Roadster and HRX, Myntra has the know-how of creating brands that have the potential to be category leaders. An online-first approach ensures that brands scale much faster and at better economies compared to an offline model. Through this program Myntra will help partners to build their brand online through Myntra and Jabong and also leverage data from the 18 million monthly active users to get insights on customer behavior and product assortments.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
