Nykaa appoints ex-Myntra exec to strengthen its fashion vertical; incorporates new unit in GCC
Nykaa has been focusing on expanding its GCC operations and leveraging global brand partnerships to drive its domestic apparel marketplace, Nykaa Fashion.
FSN E-Commerce Ventures, the parent company behind Nykaa, on Wednesday, said it has appointed Abhijeet Dabas as the Executive Vice President and Business Head of fashion eCommerce.
In his new role, Dabas would be responsible for helming Nykaa Fashion’s online growth strategy, expanding the platform’s global footprint and building strategic partnerships.
“His proven track record in scaling businesses and understanding of the Indian fashion landscape aligns perfectly with our vision for Nykaa Fashion,” noted Falguni Nayar, Executive Chairperson, Managing Director & CEO of Nykaa.
Before his appointment, Dabas was the CEO of South East Asia of Cars24. Before that, he was VP, Head of Business- New Supply (Private Brands, Brandworks) at Swiggy where he was responsible for expanding the company’s cloud kitchen networks, according to his LinkedIn.
He has also had previous stints with FMCG at Lazada Group and as VP of Private Brands at Flipkart’s fashion marketplace Myntra Jabong.
The appointment comes a day after Nykaa announced its second-quarter results, its fashion vertical witnessed muted growth with just a 10% rise in GMV, mainly due to seasonality and a shift in festivals to the back half of the year.
However, the platform witnessed a 22% growth in revenue to Rs 166.09 crore mainly helped by the robust performance of the digital content delivery platform Little Black Book, which brings in marketing and services-related income.
GCC focus
In a separate exchange filing with NSE, the company incorporated through its unit, Nessa International Holding, a new unit in Dubai by the name, Nysaa Distribution FZE.
“Share Capital for the newly incorporated Company will be AED 300,000,” stated the exchange filing.
Nysaa Distribution will be involved in international and domestic sales/trade/retail of beauty and personal care (BPC) products, including BPC trading, BPC requisites trading, cosmetics trading and Soap & Hair Care trading.
As per the company's second-quarter financials released yesterday, Nykaa’s international beauty business, which includes Nessa International, grew multifold, although on a much lower base to Rs 5.76 crore.
Nykaa also announced it has allotted 1.80 lakh equity shares pursuant to the exercise of vested stock options by the employees under the Employee Stock Option Scheme.
Edited by Affirunisa Kankudti
