FSN E-Commerce Ventures, Nykaa’s parent company also appointed Vishal Gupta as executive vice president for its consumer beauty brands
Omnichannel beauty and lifestyle company Nykaa has informed that Reena Chhabra, CEO of its private label, FSN Brands, has quit the company. She joined the company in 2016 from Colorbar, where she worked for almost six months. Before that, she worked with Unilever as business head for Lakme beauty services, Kaya as marketing head, and marketing and communications heads at Kodak.
At FSN Brands, Chhabra was tasked with expanding the private label to more customers by introducing newer product lines and growing distribution. Recently, the vertical signed up with Canada-based skincare brand, The Ordinary, part of the Estée Lauder group, to give it more access to the Indian market.
As per Nykaa’s draft red herring prospectus, Chhabra’s remuneration in FY 2020-21 was Rs 3.06 crore. According to reports, she also had 2.1 million shares and 0.12 million employee stock options, amounting to Rs 250 crore.
Incidentally, FSN E-Commerce Ventures, Nykaa’s parent company, appointed Vishal Gupta as executive vice president for its consumer beauty brands. With nearly three decades of FMCG experience, he was with Unilever Russia, where he oversaw the beauty and personal care business, including brands like Lux, Surf Excel, Wheel and Sunlight.
Talking about his appointment, Falguni Nayar, founder and CEO, of Nykaa, said, “Nykaa’s beauty brands have been built on the principles of quality, authenticity, and inclusivity. This approach to brand building has led us to become much loved by the Indian consumer. Gupta is now responsible for carrying on its rich legacy, taking brand Nykaa to even greater heights, and into more consumers’ hearts.”
On 5 August, FSN E-Commerce Ventures reported a 42.24 per cent year-on-year increase in consolidated profit at Rs 5.01 crore for the quarter ended June 2022. Its profit in the same period for the last fiscal was Rs 3.52 crore. Its consolidated revenue from operations for April to June quarter this fiscal stood at Rs 1,148.4 crore, which was a 40.56 per cent growth over the same period last year.
While discussing its growth strategy during its investor and analyst day this June, the company claimed that Nykaa Fashion brands grew by 4x over the last two years with the emergence of new segments. It plans to expand its offline channel during FY 23 to strengthen its presence across India.