Six executives, including the marketing head, of Nykaa, India’s leading cosmetics and fashion retailer, have resigned since April. This is a significant development in an increasingly competitive industry.
Among the departures is Chief Marketing Officer Shalini Raghavan. To ensure seamless operations, Nykaa’s founder and CEO, Falguni Nayar, will directly oversee the marketing function.
In addition to Raghavan, other senior executives who have left the company include Kingshuk Basu, a senior vice president for retail; Sumant Kasliwal, senior VP in the fashion unit; Aditya Sandhu from the business-to-business sales unit; VP Sachin Kataria from the e-commerce business; and Shantanu Prakash, VP for marketing and communications.
Responding to questions regarding these departures, Nykaa stated, “Leadership roles are being enhanced to strategically realign the business, optimize costs, and address growing complexities.”
However, Nykaa did not disclose the specific reasons behind the executives’ resignations.
Nykaa is a major player in India’s beauty and personal care market, valued at nearly Rs. 1,32,400 crore ($16 billion), competing with Tata Group and Reliance.
Earlier this year, it was reported that five key executives, including the chief commercial operations officer and CEO of the wholesale business, had also left Nykaa.
In June, Nykaa appointed Shailendra Singh as the business head for physical retail – beauty.
The stock price of Nykaa’s parent company, FSN E-Commerce Ventures, has experienced a decline of nearly 60% since its listing in November 2021.
While FSN reported a 71.8% drop in net profit for the January-March 2023 quarter, pre-tax profit increased by almost 50%.
The investor presentation also reveals that core employees, or business executives, within the company grew by 4% during this period. This is compared to growth rates of 17% and 25% witnessed in the previous two quarters.
© Thomson Reuters 2023
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