THE WHAT? Six top executives from Nykaa, a major cosmetics and fashion retailer in India, have resigned. The list includes the Chief Marketing Officer, Shalini Raghavan. CEO Falguni Nayar has directly taken over the marketing role in her absence.

THE DETAILS The other departing executives are Kingshuk Basu (Senior VP for retail), Sumant Kasliwal (Senior VP in fashion), Aditya Sandhu (from the B2B sales unit), Sachin Kataria (VP of e-commerce), and Shantanu Prakash (VP for marketing and communications). In the meantime, Shailendra Singh was promoted to manage physical retail for beauty. Shares of Nykaa’s parent company, FSN E-Commerce Ventures, have dropped by almost 60% since their listing in November 2021.

THE WHY? Nykaa has not specified the reasons behind these resignations. The company operates in a fiercely competitive market, contending with significant players like Tata Group and Reliance in India’s expansive $16 billion beauty and personal care market. Financial data from FSN E-Commerce Ventures reveals a 71.8% drop in net profit for Q1 2023, though there was an increase in pre-tax profit. The growth of core employees at the company also decelerated.