Nykaa CEO Falguni Nayar to take charge of marketing after 6 executives quit: Report
IANS 04 August 2023
Beauty and fashion ecommerce giant Nykaa's CEO Falguni Nayar will now lead herself lead the marketing department of the company after the exit of six executives, including the marketing head, according to media reports.
Since April, the company has witnessed a series of resignations which include chief marketing officer Shalini Raghavan, forcing Nayar to spearhead the key department.
Other names include Senior Vice President for retail Kingshuk Basu, Senior VP in the fashion unit Sumant Kasliwal, VP Sachin Kataria of ecommerce business, VP for marketing and communications Shantanu Prakash, and Aditya Sandhu of business-to-business sales unit in the last few months, Reuters reported.
While Nykaa didn't comment on why the executives left, it said "leadership roles are being augmented with an eye on strategic realignment, cost rationalisation and growing complexity of the business", Inc42 reported.
In March, five senior executives including its chief commercial operations officer Manoj Gandhi and chief business officer of fashion division Gopal Asthana had stepped down.
Meanwhile, the company also announced multiple new appointments. While Shailendra Singh was appointed head of business for physical retail – beauty in June, it also hired a new leader to drive the next phase of growth for Nykaa Fashion owned western-wear brands, the report said.
The key departures come as competition intensifies in the fast-growing sector.
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