FSN E-Commerce Ventures, the parent company of Nykaa, announced on Monday that they had appointed P Ganesh as their chief financial officer (CFO) to strengthen further and boost Nykaa's financial operations and key long-term business strategies.
Shares of FSN E-Commerce were up 6.7 percent at Rs 133.15 from the previous close on the BSE.
"We are pleased to welcome Ganesh to our leadership team and be part of Nykaa's growth story that will benefit from his rich financial experience. His knowledge about the Indian financial market and insights into International markets will be valuable in guiding Nykaa's journey as a leader in beauty and lifestyle omnichannel retail," said Falguni Nayar, Founder and CEO of Nykaa.
Who is P Ganesh?
With over 27 years of diverse industry experience in domestic and international markets, Ganesh is a qualified Chartered Accountant, Cost and Management Accountant and Company Secretary. On February 3, 2023, he will begin his new role at FSN E-Commerce.
P Ganesh joins Nykaa from TAFE Group, a leading manufacturer and marketer of tractors in India with iconic brands like Massey Ferguson and Eicher. Before joining Godrej Group, Glenmark Pharma, and Pidilite. Ganesh held leadership and senior management roles in India and overseas. He has extensive experience in Financial Reporting, Business Finance, Domestic and International Taxation, Investor Relations, Banking, Mergers and Acquisitions, and Corporate Law.
"I’m excited to join Team Nykaa and become a part of the remarkable Nykaa growth journey as it expands its presence further by entering new markets, products and geographies. I look forward to leveraging my expertise and contributing to what I believe is an exciting phase in the Nykaa journey as it continues to grow and scale its businesses," said Ganesh.
In November, FSN E-Commerce announced the resignation of its CFO Arvind Agarwal in a regulatory filing. Agarwal joined Prosus-owned PayU India as CFO, days after the beauty e-retailer announced his exit.
Nykaa shares were set to go ex-bonus on November 10, coincidently the same day the one-year lock-in for pre-IPO investors ended. Shares were listed on the bourses on November 10, 2021.
The announcement of bonus shares did not go down well with Dalal Street. Analysts warned retail investors against buying shares in the near-term only because they will be at a low value before the lock-in ends.
After the lock-in period ended, nearly 67 percent of the shareholding, or 310 million shares, was freed up. With the ex-bonus date coinciding with the expiry day, the available shares for sale went down to only one-sixth.