Chief commercial operations officer Manoj Gandhi, chief business offer of Nykaa Fashion Gopal Asthana, chief executive of wholesale business Vikas Gupta, Nykaa fashion’s Owned Brands business vice president Shuchi Pandya and the fashion unit’s vice president of finance Lalit Pruthi have left the company.
Prior to these resignations, the company’s chief financial officer Arvind Agarwal had resigned from the firm in November last year and joined payments firm PayU, as reported by ET.
“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 a statement to ET. “We see some of these mid-level exits as a part of the standard annual appraisal and transition process, wherein, people exit due to performance or to pursue other opportunities.”
News agency Reuters first reported the departures.
These senior exits come at a time when the Mumbai-based company’s stock, like other new-age firms, has faced a rout in the past few months on the bourses. The stock is down nearly 28% since it issued bonus shares on November 16 last year.
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Also read: Underlying demand for beauty, fashion strong despite cut in discretionary spends: Nykaa CEO Falguni NayarShares of Nykaa’s parent, FSN E-Commerce Ventures, closed 0.22% lower at Rs 137.80 on the BSE Friday.
Competition is heating up in the online beauty and personal care space with the launch of Reliance Retail’s Tira. Also, new entrant Tata Cliq Palette, and others like Sephora, SS Beauty by Shopper’s Stop and Myntra are doubling down on the beauty and personal care category.
The company reported a 71% year-on-year fall in consolidated net profit to Rs 8.48 crore for the quarter ended December 31, 2022, even as its revenue from operations grew 33% to Rs 1,462 crore.
Executive chairperson Falguni Nayar, however, had said that the quarter’s performance was good, especially given the backdrop of eight fewer festive days in the October-December period. “We are seeing similar momentum continue in January and February. Unfortunately, a lot of listed company comparisons get governed by year-on-year comparisons and if you see a year ago, it was a very strong quarter, and growth had to be on top of a strong number,” Nayar had said after disclosing the December quarter earnings last month.
She had also alluded to some growth getting shaved off because of a slowdown in discretionary spending.
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