Six Senior Executives Depart Nykaa Since April; Falguni Nayar to Assume CMO Role

• ByStartupStory     |    August 3, 2023

Nykaa, a beauty platform, has witnessed the departure of six senior executives since April, including the Chief Marketing Officer. This follows the resignation of five senior executives earlier in March. The company made new appointments but didn’t clarify the reasons for the exodus. Nykaa explained that the leadership roles are being augmented to align with strategic realignment and growing business complexity.

These exits come after five senior executives, including Nykaa SuperStore CEO Vikas Gupta, chief business officer Gopal Asthana, and chief commercial officer, Manoj Gandhi, had resigned from the company just in March.

….Given the criticality of the marketing function to One Nykaa, Founder and CEO, Falguni Nayar will guide the function directly,” the company said in a statement.

As announced in April, marketing leadership at Nykaa has been strengthened over the last year across performance marketing, customer lifecycle management and content charters,” it added.

Just as these departures come to be known, Nykaa said it had made new appointments but did not shed light on why the senior management was quitting in large numbers.

“As Nykaa evolves into a multi-dimensional, multi-geographic business, leadership roles are being augmented with an eye on strategic realignment, cost rationalization and growing complexity of the business,” Nykaa added in its statement to Moneycontrol.

In line with those plans, the company said it had elevated Shailendra Singh as Business Head for Physical Retail- Beauty and will continue to lead omnichannel initiatives. Singh joined Nykaa around 18 months ago from FMCG giant HUL. The company also said Rozita Nouruzi is now be the CEO of Nysaa, its omnichannel beauty business and will lead operations in the GCC region.

Amid these changes, Nykaa reported a more than 70% YoY decline in profits in Q4FY23 due to price pressures. However, its revenue from operations increased by around 34% during the same period. The company is set to announce its Q1FY23 results on August 11.

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