Fashion & beauty platform Nykaa announces CFO Arvind Agarwal's resignation

The FSN E-Commerce Ventures, that runs the fashion and beauty platform Nykaa, announced the resignation of its chief financial officer (CFO) Arvind Agarwal today on November 22.

"This is to inform you Mr 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 & start-up space," Nykaa said in a BSE filing.

Expressing his best wishes to Nykaa, the outgoing CFO said he is looking forward to pursuing different personal growth opportunities in the digital economy & start-up space.

“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," Agarwal said.

 “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 statement.

Nykaa shares have seen a fall of around 7 per cent since November 10. 

The  FSN E-Commerce Ventures Ltd's share fell by 5 per cent today on November 22 as pre-IPO investors are exiting the stock after the expiry of lock-ins.

Reports suggested private equity player Lighthouse India's may sell shares worth Rs 335 crore in FSN E-Commerce Ventures through a block deal today.

Earlier, Lighthouse India Fund III sold 96,89,240 shares on November 10 at average price of Rs 171 per share. 

On Novemeber 15, Segantii India Mauritius also sold 33,73,243 shares at average price of Rs 199, according to NSE data.