Indian beauty retailer Nykaa is facing mass management exits, with five of its senior executives calling it quits at the Mumbai-headquartered company.
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According to multiple media reports on Friday, the managers departing India’s largest online beauty retailer are Nykaa SuperStore CEO, Vikas Gupta; Nykaa fashion chief business officer, Gopal Asthana; chief commercial operations officer, Manoj Gandhi; business head, Shuchi Pandya; and finance head, Lalit Pruthi.
All the executives had worked at Nykaa for short stints only, ranging between one to four years.
“Voluntary and involuntary exits are expected in a fast-paced, growth-focused, consumer tech organisation with over 3,000 on-roll employees, like Nykaa,” said the company, in a statement.
“We see 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. Nykaa values the contributions of all its current and former employees and stays connected through a strong employee alumni network.”
Shares of FSN E-Commerce Ventures Ltd., the owner of Nykaa, fell for the sixth straight session on Monday.