New Delhi (India), 25th March 2023: The FSN E-Commerce Venture-owned beauty business Nykaa has lost five of its top executives as the market for its products becomes more competitive and the stock prices decline.
The alleged departures, according to a Reuters report, are a standard component of the annual evaluation and transition process.
Manoj Gandhi (Chief Commercial Operations Officer), Vikas Gupta (Chief Executive Officer of Wholesale Business), and Gopal Asthana are among those who left their positions. (Chief Business Officer of the fashion division).
The four execs’ resignations were for unspecified reasons, but Pruthi has since joined edtech company UNIVO as chief financial officer. He spent about a year working with Nykaa. It is referred to by the business as “voluntary and involuntary exits”.
Executives who left Nykaa worked there for only one to three and a half years. Pandya joined Nykaa Fashion in January 2021 after her web jewellery company Pipa. Asthana has been a supervisor at Nykaa the longest of all, for 3 years, 5 months.
Nykaa’s equity price decreased 0.22% on Friday, closing the day at Rs 137.80 per share.
Responding to queries, a Nykaa spokesperson said, “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.”
