The fashion and beauty e-retailer Nykaa on Tuesday announced the departure of its chief financial officer (CFO) Arvind Agarwal. The FSN E-Commerce Ventures, which runs Nykaa in a press release said, "Arvind Agarwal, chief financial officer of FSN E-Commerce Ventures Limited (“the Company”) will be leaving the company, effective close of business hours on November 25, 2022, to pursue other opportunities in the digital economy and start-up space."
In the release, Agrawal said, “It has been great to be a part of the incredible Nykaa journey thus far. All my learning & experiences to date, have set me up for pursuing different personal growth opportunities in the digital economy & start-up space. I wish Nykaa the very best for the growth path ahead and will always be a part of the Nykaa Family.”
“Arvind deserves kudos for the critical role he has played in Nykaa’s emergence as a listed and profitable start-up. While we do regret losing him, we are conscious of his personal dreams, and wish him all the luck” Falguni Nayar, founder and chairperson, said in the BSE filing.
The statement also added that Agarwal will also cease to be a key managerial personnel (KMP) with effect from November 25. Nykaa said that the company is in the process of appointing a new CFO and shall inform the stock exchanges once the new CFO joins.
Nykaa is an e-commerce company founded by Falguni Nayar. The company sells products such as beauty, wellness, and fashion across websites, mobile apps, and offline stores. Nykaa has increased its physical store count to 124 stores as of September 30, 2022.
On November 22, FSN E-Commerce Ventures Ltd's share fell by 5 per cent. The company’s shares have seen a fall of around 7 per cent since November 10.