Nykaa appoints new senior leaders to spearhead growth after executives quit

Share via:

Nykaa, the leading beauty ecommerce company, announced on Monday that it has hired new senior leaders to fill the vacancies created by the recent departure of some of its top executives.

According to the company, the new leaders will play a crucial role in driving Nykaa’s growth agenda forward, and each has been chosen for their maturity, experience, industry expertise, and passion for innovation.

Nykaa has hired Rajesh Uppalapati, a former Amazon employee, as its chief technology officer. Meanwhile, P Ganesh, who has worked with several companies such as TAFE Group, Godrej Group, and Glenmark Pharmaceuticals, has been named as the new chief financial officer. Sujeet Jain, who has previously worked at Vodafone Idea, Shaadi.com, Ultratech Cement, and Viacom18, will be the new chief legal and regulatory officer.

Vishal Gupta has been appointed as the head of beauty consumer business to lead innovation, brand building, growth, and profitability. He will also be responsible for leading Superstore By Nykaa, the eB2B distribution business. Sudhakar Y Mhaskar has been brought on board as the chief R&D and quality officer to lead innovation at Nykaa’s consumer business.

The company’s recent executive departures raised some concerns about its growth prospects, particularly since Nykaa reported a 70.7% YoY decline in its consolidated net profit to INR 8.5 Cr in the December quarter of FY23. Nykaa’s operating revenue rose 33.2% to INR 1,462.8 Cr in the reporting quarter from INR 1,098 Cr in Q3 FY22.

Nykaa is also facing fierce competition from Reliance, which recently launched its Tira platform in the beauty commerce space. Several brokerages have warned that the entry of major players such as Tata and Reliance Retail in the beauty space could exacerbate Nykaa’s problems.

Nykaa, however, remains optimistic about its future growth prospects. The company believes that its new leadership team, combined with its existing leadership comprising over 50 leaders, will be instrumental in driving the company’s growth agenda forward. With a renewed focus on innovation, growth, and profitability, Nykaa is positioning itself to continue its dominance in the beauty ecommerce space.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Nykaa appoints new senior leaders to spearhead growth after executives quit

Nykaa, the leading beauty ecommerce company, announced on Monday that it has hired new senior leaders to fill the vacancies created by the recent departure of some of its top executives.

According to the company, the new leaders will play a crucial role in driving Nykaa’s growth agenda forward, and each has been chosen for their maturity, experience, industry expertise, and passion for innovation.

Nykaa has hired Rajesh Uppalapati, a former Amazon employee, as its chief technology officer. Meanwhile, P Ganesh, who has worked with several companies such as TAFE Group, Godrej Group, and Glenmark Pharmaceuticals, has been named as the new chief financial officer. Sujeet Jain, who has previously worked at Vodafone Idea, Shaadi.com, Ultratech Cement, and Viacom18, will be the new chief legal and regulatory officer.

Vishal Gupta has been appointed as the head of beauty consumer business to lead innovation, brand building, growth, and profitability. He will also be responsible for leading Superstore By Nykaa, the eB2B distribution business. Sudhakar Y Mhaskar has been brought on board as the chief R&D and quality officer to lead innovation at Nykaa’s consumer business.

The company’s recent executive departures raised some concerns about its growth prospects, particularly since Nykaa reported a 70.7% YoY decline in its consolidated net profit to INR 8.5 Cr in the December quarter of FY23. Nykaa’s operating revenue rose 33.2% to INR 1,462.8 Cr in the reporting quarter from INR 1,098 Cr in Q3 FY22.

Nykaa is also facing fierce competition from Reliance, which recently launched its Tira platform in the beauty commerce space. Several brokerages have warned that the entry of major players such as Tata and Reliance Retail in the beauty space could exacerbate Nykaa’s problems.

Nykaa, however, remains optimistic about its future growth prospects. The company believes that its new leadership team, combined with its existing leadership comprising over 50 leaders, will be instrumental in driving the company’s growth agenda forward. With a renewed focus on innovation, growth, and profitability, Nykaa is positioning itself to continue its dominance in the beauty ecommerce space.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Alodokter settles severance pay dispute with axed employees

Some laid-off employees and 30 worker solidarity members...

a16z’s Brian Quintenz top pick for CFTC chair under...

Former CFTC commissioner Brian Quintenz, now a16z’s policy...

Xiaohongshu expects over $1b profits in 2024

The Chinese social media and ecommerce platform is...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!