Modenik appoints LV Vaidyanathan from P&G India as executive chairman

Bengaluru: Modenik Lifestyle Pvt. Ltd., an Indian essential apparel company backed by Advent International, announces the retirement of Mr. Sunil Sethi as Executive Chairman with effect from July 31, 2024. LV Vaidyanathan, former CEO and CEO of P&G India, will succeed him. the same position. MSethi will remain on the Board of Directors to provide guidance. This change signifies Modenik’s commitment to innovation and development.

During his tenure, Sunil Sethi has made significant contributions to Modenik Lifestyle, integrating Dixcy and Enamor under a unified company and leading the organization through the challenges of the Covid-19 crisis. His efforts resulted in the creation of a strong management team, culminating in the promotion of Shekhar Tewari to the positions of CEO and Executive Director, positioning the company for future success.

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 signal a new era for Modenik Lifestyle, underscoring its commitment to innovation, excellence and sustainability. The Management Board believes that these appointments will help Modenik strengthen its market position and achieve its strategic goals.

Sunil Sethi said: “My work at Modenik Lifestyle has been 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.”

Dalal, Managing Director at Advent India PE Advisors he said, “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 stage of Modenika’s journey and believe that LV Vaidyanathan’s deep expertise and forward-thinking approach will propel Modenika into a leading position in the market.

LV Vaidynathan he 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.”