Top-level exits continue in Nykaa as five more resign

BENGALURU:  Five executives have resigned from the beauty ecommerce platform Nykaa. This comes months after its Chief Financial Officer (CFO) Arvind Agarwal resigned to pursue other opportunities in the digital economy and start-up space.

Those who quit include chief commercial operations officer Manoj Gandhi, SuperStore CEO Vikas Gupta, chief business officer of fashion division Gopal Asthana. Business head Shuchi Pandya and finance head Lalit Pruthi have resigned. Pruthi has joined as CFO at Univo Education.

A Nykaa spokesperson said, “Voluntary and involuntary exits are expected in a fast-paced, growth-focused, consumer tech organisation with over 3,000 on-roll employees, like Nykaa.” 

“Over the years, Nykaa has acted as an incubator to bring together and support some of the most promising talent India has to offer. We see some of these mid-level exits as part of the standard annual appraisal and transition process, wherein, people exit due to performance or to pursue other opportunities. Nykaa values contributions.”  

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These resignations come at a time when Nykaa’s stock prices are falling and rivals Tata and Reliance have been showing interest in the beauty and personal care market.