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.