Five executives from Nykaa—the beauty company operated by FSN E-Commerce Venture—have resigned as the company’s stock price falls and competition heats up.
As per a Reuters report, the alleged exits are part of the standard annual appraisal and transition process.
Among those who resigned are Manoj Gandhi (Chief Commercial Operations Officer), Vikas Gupta (Chief Executive Officer of wholesale business), and Gopal Asthana (Chief Business Officer of the fashion division).
Additionally, Suchi Pandya, Vice President of Nykaa’s fashion division’s owned brands business, and Lalit Pruthi, Vice President of Finance at the fashion unit, have also resigned.
On Friday, Nykaa’s stock price fell by 0.22%, ending the day at Rs 137.80 per share.
YourStory has not independently verified this report.
India’s beauty ecommerce space is highly cluttered and dominated by players including Palette, Sephora, SS Beauty by Shoppers’ Stop, , , and , among others.
Recently, also launched an online beauty platform called Tira, dedicated to luxury beauty, and is positioned itself as a direct competitor to Nykaa Luxe in the segment.
The Falguni Nayar-led ecommerce firm’s revenue jumped 33% in the December quarter from a year earlier to Rs 1,463 crore, while net profit dived to Rs 8.5 crore from Rs 29 crore in the corresponding year-ago period.
Total expenses in the third quarter rose 36% year-on-year to Rs 1,456 crore. Higher employee benefits costs and other expenses dragged Nykaa’s EBITDA margin down to 5.3% from 6.3% a year earlier.
