THE WHAT? Five executives at Nykaa are said to have walked according to a report published by Reuters quoting an unnamed spokesperson for the Indian firm.
THE DETAILS Chief Commercial Operations Officer, Manoj Gandhi; Chief Business Officer of the fashion division, Gopal Asthana; and Vikas Gupta, CEO of the wholesale business are among those to have tendered their resignations.
THE WHY? The Nykaa spokesperson told Reuters, “Some of these mid-level exits are 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 organisation with over 3,000 on-roll employees.” However, the news outlet insinuates that the mass resignation may be a result of the company’s falling stock and ever-growing competition.
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