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Business News/ Companies / News/  Modenik Lifestyle names LV Vaidyanathan, former CEO of P&G India, as executive chairman
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Modenik Lifestyle names LV Vaidyanathan, former CEO of P&G India, as executive chairman

Vaidyanathan will succeed Sunil Sethi as executive chairman following Sethi’s retirement on 31 July, the company said on Tuesday.

An alumnus of IIM Ahmedabad, Vaidyanathan began his career at P&G and has over 25 years of experience across markets.Premium
An alumnus of IIM Ahmedabad, Vaidyanathan began his career at P&G and has over 25 years of experience across markets.

Innerwear maker Modenik Lifestyle Pvt Ltd, backed by Advent International, has announced the appointment of L.V. Vaidyanathan, former chief executive and managing director at P&G India, as its executive chairman effective July.

Vaidyanathan will succeed Sunil Sethi as executive chairman following Sethi’s retirement on 31 July. An alumnus of IIM Ahmedabad, Vaidyanathan began his career at P&G and has over 25 years of experience across markets including India, Vietnam, Thailand, the 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 drive forward its strategic objectives," the company said in a press statement.

CEO at MNCs are moving to PE-backed firms

Shantanu Khosla, board member, Modenik Lifestyle, noted the broader trend of multinational CEOs moving to private-equity-backed companies in India. "His decision to join us underscores his confidence in our vision and commitment to advancing our growth trajectory. Additionally, the elevation of Shekhar Tewari to CEO further strengthens our management team, and I am excited to see the innovations and successes that this new leadership will bring," Khosla said.

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Modenik Lifestyle is the merged entity of Advent International's portfolio companies Dixcy Textiles Pvt Ltd and Gokaldas Intimatewear Pvt Ltd, the parent firm of the Enamor brand. The company is headquartered in Bengaluru.

Advent International acquired a 60% stake in Dixcy Textiles in 2017, and bought the remaining 40% in 2019. The firm also acquired Gokaldas Intimatewear in 2019 for an estimated 320 crore. 

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

Modenik'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.

Also read: P&G India announces 300 crore fund to partner supply chain startups

"I am eager to collaborate with Shekhar Tewari and Modenik’s talented team to drive growth and achieve new milestones," said Vaidyanathan, who recently stepped down as CEO of P&G India, a position he had held since 1 July 2022.

 

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ABOUT THE AUTHOR
Suneera Tandon
Suneera Tandon is a New Delhi based reporter covering consumer goods for Mint. Suneera reports on fast moving consumer goods makers, retailers as well as other consumer-facing businesses such as restaurants and malls. She is deeply interested in what consumers across urban and rural India buy, wear and eat. Suneera holds a masters degree in English Literature from the University of Delhi.
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Published: 28 May 2024, 02:43 PM IST
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