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
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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.