Beauty and fashion ecommerce giant, Nykaa, has reportedly experienced the resignation of six top executives, including its marketing head, since April this year. The departures have prompted the startup’s founder and CEO, Falguni Nayar, to take charge of the marketing department.
Notable Executives Exiting Nykaa
The executives who have left Nykaa include chief marketing officer Shalini Raghavan, senior vice president for retail Kingshuk Basu, senior VP in the fashion unit Sumant Kasliwal, VP Sachin Kataria of the ecommerce business, VP for marketing and communications Shantanu Prakash, and Aditya Sandhu of the business-to-business sales unit, as reported by Reuters.
Nykaa’s Statement on the Departures
Nykaa responded to the departures by stating that the leadership roles are being augmented to align with strategic realignment, cost rationalization, and the growing complexity of the business. The company emphasized the significance of the marketing function and announced that founder and CEO Falguni Nayar will directly guide this department.
Nykaa- Recent Organizational Changes
Amid these developments, Nykaa elevated Shailendra Singh to the position of business head for physical retail – beauty in June. Additionally, the company appointed Rozita Nouruzi as the CEO of Nysaa, its omnichannel beauty business in partnership with the Apparel Group in the GCC.
Challenges Faced by Nykaa in the Market
Nykaa is currently undergoing business model restructuring and revisiting strategies due to increased market competition and declining profit numbers. The entry of Reliance Retail with its omnichannel platform, Tira, into the beauty and personal care market poses a significant challenge for the platform. Additionally, the fashion business is facing stiff competition from well-funded players like AJIO and Tata CLiQ. However, the platform remains focused on sustainable growth and maintaining its uniqueness in the market. Despite facing some setbacks in Q4 FY23, the platform will announce its Q1 FY24 results on August 11.
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