Genesis Colors rejigs top deck, plans an IPO soon

While the company has citied the move as pre-emptive, Kapoor said the rejig is aimed at consolidating the business as one entity in the next 12-18 months because investors may consider an exit.
Genesis Colors

As a part of restructuring at top deck, Genesis Colors has elevated its managing director Sanjay Kapoor as the executive chairman of Genesis Group and its chief operating officer Nikhil Mehra as the CEO.

While the company has citied the move as pre-emptive, Kapoor said the rejig is aimed at consolidating the business as one entity in the next 12-18 months because investors may consider an exit. Sequoia, Henderson, Mayfield and L Capital Asia are the existing investors in the Genesis Group.

"Nikhil has been with us for eight years and has been promoted to the position of CEO. I will be looking at mentoring the business and corporate restructuring," Kapoor said. "We have our key investors in different parts of the business and they may consider exit options in future," he said.

Kapoor will mentor the business and lead corporate restructuring of the group along with group chief financial officer Samit Guha. Renu Prasad has replaced Nikhil Mehra as COO.

"Our investors have been pretty supportive of the process," Kapoor said. "We may look at an IPO in future. In the next six to 12 months, we will have greater clarity on the way forward," he said.

The company holds several fashion brands such as Satya Paul and Genesis Luxury which retails international brands including Jimmy Choo, Armani and Burberry in India.

This month, Genesis Luxury tied up with Tata CLiQ, the eCommerce platform of the Tata Group to offer international luxury brands on the platform.

Genesis Colors owns fashion brand Bwitch besides Satya Paul, while Genesis Luxury markets and distributes luxury and premium brands such as Bottega Veneta, Canali, Michael Kors, Coach and Furla in India. Brands of Genesis Colors are present in 20 cities through more than 100 standalone stores.

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