FSN Brands: Reena Chhabra resigns as CEO

12 August 2022, Mumbai:

Reena Chhabra, CEO, FSN E-commerce Ventures, Nykaa's private label division has resigned with effect from 16 August 2022.

Chhabra has been associated with FSN E-Commerce Ventures Ltd since May 2016. She was paid a total remuneration of Rs 3.06 crore in FY21, according to the draft red herring prospectus (DRHP) filed by the company.

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Chhabra had earlier worked with cosmetic brand Colorbar as COO. She has also led Lakme Beauty Services at Unilever and worked with Kaya Skincare, among other retail brands.

Meanwhile, Nykaa's June quarter (Q1FY23) profit jumped 33 per cent year-on-year to Rs 4.55 crore against Rs 3.41 crore in the corresponding quarter of the last fiscal.

fsn e-commerce ventures pvt. ltd's Q1 revenue surged 41 per cent Y-o-Y to Rs 1,148.4 crore against Rs 817 crore in the June quarter of the last fiscal year.

Nykaa’s EBITDA during the June quarter increased by 71 per cent YoY to Rs 46 crore, while the EBITDA margin also improved to 4 per cent versus 3.3 per cent.

The gross profit margin of fsn e-commerce ventures private limited improved by 380 bps Y-o-Y in Q1FY23. The fashion retailer's gross merchandise value, or GMV, also increased 47 per cent Y-o-Y to Rs 2,155.8 crore.

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