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Nykaa Appoints New Leadership Team Following Top-Level Exodus

The company recently reported a 68 per cent YoY fall in net profit and is seeking to diversify its offerings and invest in AI and machine learning capabilities

Nykaa Appoints New Leadership Team Following Top-Level Exodus

Outlook Start-Up Desk

POSTED ON April 24, 2023 3:02 PM

Nykaa, an online fashion and beauty e-commerce platform, has appointed a new leadership team following the resignation of five senior executives, according to Entrackr report. 

The new hires include Rajesh Uppalapati, who worked at Amazon for 20 years, as chief technology officer and P Ganesh as chief financial officer. Abhishek Awasthi, Eswar Perla, Dhruv Mathur and Amit Kulshrestha have been given key positions in product and engineering, while Sujeet Jain and TV Venkataraman have joined as legal and regulatory officer and internal audit and risk management respectively. 

Vishal Gupta, Sudhakar Y Mhaskar, Shailendra Singh, Sudhansh Kumar, Priya Bellubbi and Suchita Salwan have been appointed to roles across business and revenue, marketing and growth functions. 

The appointments were made after the company experienced a top-level exodus, which coincided with its stock price plunging. Among the top brass to leave were chief commercial operations officer Manoj Gandhi, chief business officer Gopal Asthana and chief executive officer of wholesale business Vikas Gupta, as well as Suchi Pandya, vice president of Nykaa’s fashion division business and Lalit Pruthi, vice president of the fashion unit.

Nykaa recently reported a 68 per cent year-on-year fall in net profit to Rs 9.2 crore for the third quarter of FY23 (fiscal year 2023), compared to Rs 29 crore a year ago. Meanwhile, its revenue from operations increased 33 per cent to Rs 1,462 crore from Rs 1,098 crore in the same period. 

Nykaa's parent company FSN e-commerce's current share price stands at around Rs 120 each, which has depreciated 13.3 per cent month-on-month when compared to last month. For context, Nykaa's 52-week high price stood at Rs 311.58 and its share price is down by over 90 per cent since its debut in the public market in November 2021.

The new appointments at Nykaa are expected to bring stability and leadership to the company following the departure of the senior executives. Nykaa has also been working on diversifying its offerings, including expanding into the personal care and wellness space. 

The company plans to invest in artificial intelligence and machine learning capabilities to improve its customer experience and increase its market share. With the new leadership team in place, Nykaa will be looking to regain its footing and capitalise on the growth opportunities available in India's e-commerce sector.

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