Five Nykaa Executives Step Down "Voluntary and involuntary exits are expected in a fast-paced, growth-focused, consumer tech organisation with over 3,000 on-roll employees," said the company

By Soumya Duggal

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.


Five executives from beauty brand Nykaa have resigned amid rising competition and a falling stock price.

The exits have come from Manoj Gandhi (Chief Commercial Operations Officer), Vikas Gupta (Chief Executive Officer of wholesale business), Gopal Asthana (Chief Business Officer of the fashion division), Suchi Pandya (Vice President of Nykaa's fashion division's owned brands business), and Lalit Pruthi (Vice President of Finance at the fashion unit).

"Voluntary and involuntary exits are expected in a fast-paced, growth-focused, consumer tech organisation with over 3,000 on-roll employees, like Nykaa," the company said in response to queries from ET and Reuters.

In November 2021, the cosmetics-to-fashion platform surged 96 per cent in a glowing debut on Wednesday, fetching the country's first women-led unicorn a valuation of nearly $14 billion. Since then, things have changed. Mumbai-based Nykaa posted a 71 per cent fall in consolidated net profit to INR 8.48 crore for the quarter-ended December 2022 as against INR 29.01 crore in the year-ago period. The company's revenue from operations rose 33 per cent year-on-year to INR 1,462 crore in the quarter compared to INR 1,098 crore in the year-ago period.

Founded in 2012 by Falguni Nayar, Nykaa has emerged as a successful example of omnichannel retailing. It sells beauty, wellness and fashion products, which are manufactured in India as well as internationally, across websites, mobile apps and over a 100 offline stores. The Indian beauty segment is however studded by other key players such as Tata Cliq Palette, Sephora, SS Beauty by Shoppers' Stop, Purplle, MyGlamm, and Myntra.

Wavy Line

Related Topics

Latest News

9 Ways to Harness Entrepreneurial Skills in Medicine

Entrepreneurship and medicine may seem like divergent paths, but integrating entrepreneurial skills into medicine can lead to innovative solutions and professional fulfillment.

Growing a Business

How to Harness the Power of Data Analytics for Business Growth

To thrive in the competitive landscape, entrepreneurs must understand and leverage the power of data analytics.

Growing a Business

Trendspotting 101 — How to Stay Ahead of the Curve in Your Industry

Learn how to spot and capitalize on emerging trends in your industry with these practical tips.

Business News

A Wegmans Employee Allegedly Stole Over $500,000 from the Company

Alicia Torres pleaded guilty to crimes carried out over nine years while working at Wegmans in Webster, New York.


3 Effective Strategies to Help You Generate Revenue From Your App

Learn about three effective app monetization strategies that can help you generate revenue from your app.