FSN E-Commerce Ventures Ltd, the parent firm of Nykaa, on Monday announced the restructuring and appointment of senior executives across its technology, finance, business, and marketing teams. This comes after the omnichannel beauty retailer saw several top-level exits in recent weeks.
In a regulatory filing on April 24, the company said the new leaders will join existing leadership, now comprising over 50 leaders, and will be “instrumental in driving the company’s growth agenda forward”.
Most of these appointments were announced before, as reported by ET.
In a comment on the development, Falguni Nayar, founder & CEO, Nykaa, said, “We are excited to welcome each of these new leaders in key roles that drive the company’s important businesses and functions. With a common entrepreneurial ethos and mindset, this leadership team is well poised for success as the Nykaa ecosystem expands in scope and scale.”
Among the appointments are Rajesh Uppalapati, who has joined as the chief technology officer. Abhishek Awasthi, Eswar Perla, Dhruv Mathur and Amit Kulshrestha are among other appointments in the technology leadership team.
P Ganesh took over as Nykaa’s chief financial officer in February after former CFO Arvind Agarwal quit Nykaa in November last year to join PayU, the fintech and payments arm of Dutch investment giant Prosus.
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Sujeet Jain has joined the firm as chief legal and regulatory officer. He leads the legal, company secretarial, compliance and regulatory functions.The firm said that TV Venkataraman, who has over 25 years of experience across companies such as Ashok Leyland, Flipkart, and the Aditya Birla Group, is responsible for the internal audit and risk management charter.
Nykaa has also rejigged its marketing leadership by appointing Sudhansh Kumar as performance marketing head and Priya Bellubbi as customer lifecycle management lead.
Senior-level shake-up
Amid its plunging stock price and a broader rout in the listed tech pack, Nykaa had last month confirmed that five executives had left the firm.
Chief commercial operations officer Manoj Gandhi, chief business officer 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.
Terming them “mid-level exits”, Nykaa had said at the time that it was part of the standard annual appraisal and transition process, wherein, people exit due to performance reviews or to pursue other opportunities.
D-street performance
The company’s shares listed at Rs 2,001 on the Indian bourses in November 2021, a hefty premium of 77.87% over its issue price of Rs 1,125. Nykaa has since seen its stock plunge.
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On Friday, the stock closed at Rs 119 a piece on the exchanges, down 1.24% from the previous close.
Nykaa reported a 71% decline in consolidated net profit to Rs 8.48 crore for the quarter ended December 31. The company’s total expenses surged 36% to Rs 1,455 crore during the third quarter from Rs 1,067 crore in the year-ago period.
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