Powered by Advent International Modenik announces the departure of Sunil Sethi as Executive Chairman and the appointment of LV Vaidyanathan as Executive Chairman

· Mr. Sunil Sethi will retire as Executive Chairman on July 31, continuing as a member of the Board of Directors

· Mr. LV Vaidyanathan appointed as Executive Chairman, bringing over 25 years of experience in various markets

Bengaluru, May 28, 2024: Modenik Lifestyle Pvt. Ltd., one of India’s leading essential apparel companies, powered by Advent International, announces the departure of Mr. Sunil Sethi as Executive Chairman with effect from July 31, 2024. The company is also pleased to announce that Mr. L. V. Vaidyanathan, former CEO and CEO of P&G India will assume the role of Executive Chairman in July 2024. Mr. Sethi will continue to serve on the Board of Directors, providing invaluable guidance to the team. This represents a significant milestone as Modenik continues to drive innovation and development in the industry.

During his tenure, Sunil Sethi made many significant contributions to Modenik Lifestyle. He successfully integrated Modenik as a unified Dixcy and Enamor company with a common purpose, vision and values, creating a unique strategic asset with a leading position in both men’s and women’s innerwear industries. Under his leadership, the company has navigated the challenges of the Covid-19 crisis to become a resilient organization. Sunil has also built a strong management team by coaching Shekhar Tewari, whose promotion to CEO and Executive Director earlier this year will solidify the company’s leadership position for future success.

Mr. LV Vaidyanathan, an alumnus of IIM Ahmedabad, started his career with P&G. With over 25 years of experience in multiple markets including India, Vietnam, Thailand, Philippines, Indonesia and Singapore. He served as CEO and CEO of P&G in Indonesia and then in India. He led both companies to industry-leading growth and value creation.

These leadership changes mark a new chapter for Modenik Lifestyle, reinforcing the company’s commitment to innovation, excellence and sustainability. The Management Board is convinced that thanks to these nominations Modenik will continue to strengthen its market position and achieve its strategic goals.

“My work at Modenik Lifestyle was extremely satisfying. As I begin my new journey focused on strategic/advisory roles and an entrepreneurial venture that gives back to the community, it is with great confidence that I pass the baton of LV Vaidyanathan, whose extensive knowledge and vision will take Modenika to new heights. I am delighted to welcome him and look forward to the company’s continued growth and success under his leadership. I am proud to have followed Shekhar Tewari’s journey to become the company’s CEO,” said Mr. Sunil Sethi.

“We thank Sunil, whose leadership has made Modenik what it is today, a high-quality organization with robust systems and processes. We are excited about the next phase of Modenik’s journey and believe that LV Vaidyanathan’s deep expertise and forward-thinking approach will take Modenik to a leading position in the market,” said Sahil Dalal, Managing Director, Advent India PE Advisors.

LV Vaidynathan said: “I am thrilled to be joining Modenik Lifestyle, a company renowned for innovation and leadership in the essentials industry. Sunil Sethi’s outstanding contributions laid a solid foundation. I look forward to working with Shekhar Tewari and the talented Modenika team to drive growth and achieve new milestones.”

Shantanu Khosla, Board Member of Modenik Lifestyle said: “I would like to sincerely thank Sunil Sethi for his invaluable contribution to Modenik Lifestyle, which has laid a solid foundation for our continued success. LV’s move from a successful stint at P&G to Modenik reflects a broader trend of international CEOs moving to private equity-backed companies in India, attracted by the opportunity to drive rapid growth and create significant value. His decision to join us underlines his confidence in our vision and commitment to further development. Additionally, the elevation of Shekhar Tewari to the role of CEO will further strengthen our management team, and I look forward to the innovation and success that the new leadership will bring.”