Modenik Lifestyle Appoints LV Vaidyanathan, Former CEO and CEO of P&G India, as Executive Chairman

Vaidyanathan will succeed Sunil Sethi as executive chairman upon Sethi’s retirement on July 31. Vaidyanathan, an alumnus of IIM Ahmedabad, started his career with P&G and has over 25 years of experience in markets including India, Vietnam, Thailand, Philippines, Indonesia and Singapore.

“These leadership changes mark a new chapter for Modenik Lifestyle… The board is confident that with these appointments, Modenik will continue to strengthen its market position and pursue its strategic goals,” the company said in a press statement.

CEOs of multinational corporations are moving to PE-backed companies

Shantanu Khosla, a board member at Modenik Lifestyle, has noticed a broader trend of international CEOs moving to private equity-backed Indian companies. “His decision to join us underlines his confidence in our vision and commitment to further development. Additionally, the elevation of Shekhar Tewari to CEO further strengthens our management team, and I look forward to the innovation and success this new leadership will bring,” said Khosla.

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Modenik Lifestyle is an entity resulting from the merger of portfolio companies Advent International, Dixcy Textiles Pvt Ltd and Gokaldas Intimatewear Pvt Ltd, the parent company of the Enamor brand. The company’s headquarters is in Bengaluru.

Advent International acquired 60% of Dixcy Textiles in 2017 and the remaining 40% in 2019. The company also acquired Gokaldas Intimatewear in 2019 for an estimated amount ₹320 crores.

In December 2021, Advent merged Dixcy Textiles and Gokaldas Intimatewear to form Modenik Lifestyle, focused on intimate and casual wear for men and women. Earlier this year, Shekhar Tewari was promoted to the position of CEO and Executive Director of the company.

Modenika’s portfolio includes five brands: Dixcy Scott Originals, Dixcy Scott Maximus, Josh by Dixcy Scott, Slimz and Enamor. In India, it competes with Page Industries, the exclusive licensee of Jockey International Inc.

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“I look forward to working with Shekhar Tewari and the talented Modenika team to drive growth and achieve new milestones,” said Vaidyanathan, who recently stepped down as CEO of P&G India, a position he held since July 1, 2022.

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Posted: May 28, 2024 14:43 EST