Nykaa appoints Santosh Desai as an independent director

Nykaa said Santosh Desai’s appointment will take effect from July 15 and his term will be three years

Desai served as CEO of Future Brands Ltd for almost 17 years and brings with him over two decades of experience in the advertising industry

Last week, Nykaa reported a 1.2x YoY increase in net profit to INR 9.07 Cr in the March quarter of FY24

Beauty e-commerce unicorn Nykaa has appointed advertising industry veteran Santosh Desai as an independent director on its board.

In a statement, Nykaa said Desai’s appointment will take effect on July 15 and his term will be three years.

As per his LinkedIn profile, Desai is currently the CEO and CEO of Futurebrands India. Meanwhile, Nykaa in a statement said Desai had served as the CEO of Future Brands Ltd for almost 17 years.

Previously, Desai also served as president of advertising agency McCann and brings with him over two decades of experience in the advertising industry.

He also currently serves on the boards of Think9 Consumer Technologies, Dainik Jagran Group and Breakthrough Energy.

Commenting on the appointment, Nykaa Founder and CEO Falguni Nayar said: “Santosh’s experience in understanding the intertwined relationship between culture and brands has helped build several iconic brands… We are confident that Santosh’s strategic guidance will help guide our vision that will drive value Nykaa brands and strengthen our existing portfolio of brands to achieve long-term global success.”

Unicorn’s e-commerce board includes nine directors, including Desai. Milind Sarwate, Anita Ramachandran, Seshashayee Sridhara and Pradeep Prameshwaram are the other independent directors on the board.

The visit comes a few days later Nykaa presented its financial data for the quarter ended March 31, 2024 (4th quarter of fiscal year 24). The company’s net profit increased 1.2 times year-on-year (y/y) to Rs 9.07 cr in the quarter under review. INR. However, on a quarter-over-quarter basis, it dropped by 48%.

Operating revenue increased 28% year-on-year to INR 1,667.99, but declined 6% sequentially.

In addition to the results, Nykaa also announced that she was expecting 10% increase y/y omnichannel beauty platform Nysaawhich focuses on the Gulf Cooperation Council (GCC) region.

The company said its board of directors also approved the decision acquisition Western clothing and accessories business Nykaa Fashion by its parent company FSN E-Commerce Ventures in order to streamline and combine the business of its brands under one entity.

Similarly, it is merging its content delivery arm Little Black Book (LBB) with Nykaa Fashion.

Nykaa shares ended Monday’s (May 27) trading session with a decline of 0.8% at INR 166.80 on the BSE.