After profits crashed by 71 per cent in the October to December quarter, Nykaa's shares are far away from their peak of more than Rs 2,000. As it kept sliding throughout 2022, its CFO Arvind Agarwal left the firm in November of that year, after which its stock still hit record lows.
Now five key executives of the e-commerce startup have stepped down, as it faces increased competition as well.
Just a consequence of transition and growth?
The Chief Commercial Operations Officer Manoj Gandhi, Chief Business Officer for fashion Gopal Asthana, and wholesale business CEO Vikas Gupta have left.
Along with them, the vice presidents for the fashion and finance for fashion units have also quit Nykaa.
The firm described these resignations as voluntary and involuntary exits that occur amidst fast-paced growth.
Calling them mid-level exits, Nykaa also added that people leave due to performance issues or eyeing new opportunities, as part of a transition.
Nykaa's stocks tumbling from IPO price
After its stock market debut in 2021, Nykaa surged 96 per cent on the stock market to hit an all time high in November 2021, before its 68 per cent plunge.
Amidst headwinds, Nykaa's founder had been named the richest self-made woman in India, and stood by a controversial bonus issue to shore up the value of its shares.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)
