Five Senior Executives at Nykaa Resign

Five executives at India's Nykaa have resigned, a spokesperson said, the latest departures at the beauty company amid intensifying competition and a falling stock price. Among the exits are Chief Commercial Operations Officer Manoj Gandhi, Chief Business Officer of fashion division Gopal Asthana, and Chief Executive Officer of wholesale business Vikas Gupta - all executives of Nykaa.

Shuchi Pandya, a vice president of Nykaa fashion division's Owned Brands business, and Lalit Pruthi, a vice president of finance at the fashion unit, have also resigned.

A Nykaa spokesperson said, "some of these mid-level exits as a part of the standard annual appraisal and transition process, wherein, people exit due to performance or to pursue other opportunities."

"Voluntary and involuntary exits are expected in a fast-paced, growth-focused, consumer tech organization with over 3,000 on-roll employees," the company said.

Gandhi, Asthana, and Gupta declined to comment, while the other two executives did not immediately respond to a Reuters request for comment. Nykaa competes with Indian conglomerates Tata Group and Reliance, both of which have interests in the beauty sector, as all companies compete for a share of the fast-growing $16 billion beauty and personal care market in the world's second-most populous country.

Nykaa, whose parent is FSN E-Commerce Ventures, had surged 96 percent in a blockbuster market debut in 2021, fetching a near-$14 billion valuation. But its stock has plunged amid a broader rout in startups, falling around 68 percent from the all-time high in November 2021.