India’s cosmetics to fashion retailer Nykaa said on Wednesday that six top executives at the company have resigned since April, including its marketing chief. The major departures come as competition intensifies in the fast-growing industry, the company said on Wednesday.

The company said the exit of chief marketing officer Shalini Raghavan, as well as the exit of Nykaa founder and CEO Falguni Nayar, will see the function be directly overseen given its importance.

Others who have resigned include Kingshuk Basu, senior vice president (VP), retail; Sumant Kasliwal, senior VP, fashion division; Aditya Sandhu, from B2B sales; Sachin Kataria, VP, e-commerce business; Shantanu Prakash, VP, marketing and communications.

When asked by Reuters about the departures, Nika said in a statement: “We are stepping up our leadership role with an eye on strategic realignment, cost rationalization and the increasing complexity of the business.”

It did not say why the executives left.

Nykaa, which offers beauty products on its website and stores, competes with rivals Tata Group and Reliance, both of which have a stake in the world’s most populous country’s fast-growing $16 billion (nearly 132,400-crore) market. Rs.) of interest in the beauty and personal care market. nation.

In March, Reuters reported that five key Nykaa executives had left, including its chief commercial operating officer and wholesale chief executive.

Nykaa’s on Wednesday said it promoted Shailendra Singh to head physical retail (beauty) in June.

The stock price of Nykaa parent company FSN E-Commerce Ventures has fallen nearly 60% from its listing price in November 2021.

FSN reported a 71.8% drop in net profit in the January-March 2023 quarter, but a nearly 50% increase in pre-tax profit.

Its investor presentation said the company’s core employees, or business executives, grew 4% during the period, compared with increases of 17% and 25% in the previous two quarters.

© Thomson Reuters 2023

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