The fashion e-commerce company, Nykaa, has announced the appointment of P Ganesh as its Chief Financial Officer. Ganesh's appointment will help to further strengthen and boost the company's financial operations and key long-term business strategies.
He is currently working as a chief financial officer (CFO) of TAFE Group, a manufacturer and marketer of tractors in India, with iconic brands like Massey Ferguson and Eicher. He previously held leadership and senior management roles in India and overseas and has been associated with the Godrej Group, Glenmark Pharma, and Pidilite. He will take up his new role at Nykaa on February 3, 2023.
Ganesh is a successor of Arvind Agarwal who resigned from his post of CFO at Nykaa in the month of November last year.
"We are pleased to welcome Ganesh to our leadership team and be part of Nykaa’s growth story that will benefit from his rich financial experience. His knowledge about the Indian financial market and insights into International markets will be valuable in guiding Nykaa’s journey as a leader in beauty and lifestyle omnichannel retail," said Falguni Nayar, founder and chief executive officer (CEO), Nykaa.
"I’m excited to join Team Nykaa and become a part of the Nykaa growth journey as it expands its presence further by entering new markets, products and geographies. I look forward to leveraging my expertise and contributing to what I believe is an exciting phase in the Nykaa journey as it continues to grow and scale its businesses,’’ added Ganesh.
Ganesh is a qualified Chartered Accountant, Cost and Management Accountant, and Company Secretary with over two decades of industry experience in domestic and international markets. He brings with him vast experience in Financial Reporting, Business Finance, Domestic and International Taxation, Investor Relations, Banking, Mergers and Acquisitions and Corporate Law.
Nykaa is yet to announce its third-quarter results for the financial year 2022-23 (FY23). However, in quarter 2 of the current financial year 2022-23, Nykaa posted an increase in its consolidated net profit at Rs five crore as compared to Rs one crore in the same period a year ago. The consolidated gross merchandise value (GMV) grew 45 per cent year-on-year (YoY) to Rs2,345.7 crore in quarter 2 FY23.