05 August 2023, Mumbai
The company said on Wednesday that key executives, including the marketing head, have resigned from India's cosmetics-to-fashion retailer Nykaa since April.
Heat is on
The departures come as competition intensifies in the fast-growing beauty and personal care market in India. The executives who have resigned are Chief Marketing Officer, Senior Vice President for Retail, Senior Vice President for Fashion & Vice President for Marketing and Communications.
Interim
Nykaa founder and CEO Falguni Nayar is likely to take over as the interim Chief Marketing Officer. The company is visibly "augmenting leadership roles" to "strategically realign, rationalize costs, and address the growing complexity of the business."
Biggies
Nykaa faces increasing competition from rivals like Tata Group and Reliance, both of which have interests in the beauty and personal care market. The company's shares have fallen nearly 60% from their listing price in November 2021.
Setback
The resignations of these key executives are a sign of the challenges Nykaa is facing as it competes in a crowded and fast-growing market.
The company will need to find ways to differentiate itself from its rivals and keep its customers engaged if it wants to maintain its market share.
