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Five senior executives at India's Nykaa have tendered their resignations, a spokesperson said to news agencies on Friday. The development comes at a time when the company is facing increased competition, and its stock price has plummeted.
Executives who have resigned include Chief Commercial Operations Officer Manoj Gandhi, Chief Business Officer of the fashion division, Gopal Asthana, and Chief Executive Officer of wholesale business Vikas Gupta.
Shuchi Pandya, vice president of Nykaa's fashion division business and Lalit Pruthi, who was vice president of finance at the fashion unit, have also decided to resign.
Reuters quoted one of the company spokespersons as saying, "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."
Answering subsequent questions from Reuters, the company elaborated, "Voluntary and involuntary exits are expected in a fast-paced, growth-focused, consumer tech organisation with over 3,000 on-roll employees."
Nykaa rivals conglomerates such as Tata and Reliance both of which have interests in India's rapidly expanding $16 billion beauty and personal care market.
Nykaa, whose parent company is FSN E-Commerce Ventures, soared 96 per cent in a sensational market debut in 2021, earning a valuation of around $14 billion. Yet in the midst of a larger startup crisis, its price has plummeted, plummeting almost 68 per cent from its all-time high in November 2021.
(With inputs from agencies)
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First Published: Fri, March 24 2023. 16:36 IST
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