Thursday, July 25, 2024

VLCC ropes in Nykaa’s Vikas Gupta as CEO

New Delhi: Former Nykaa SuperStore CEO Vikas Gupta has been appointed as CEO of beauty and skincare brand VLCC with immediate effect.

The announcement comes after Carlyle, a global investment firm with $ 369 billion in assets under management, announced a strategic partnership with VLCC through the acquisition of majority stake in the company in December 2022.

Gupta joins VLCC from Nykaa where he was the CEO of SuperStore by Nykaa. Before that, he was chief customer and marketing officer at Walmart-backed Flipkart between 2019-21.

Gupta started his career as a management trainee with consumer goods major Hindustan Unilever in 1998–he spent over two decades at Unilever leading brand marketing for Lux, Dove, Dirt Is Good brands and was Executive Director of Home Care for Unilever Indonesia.

“We are excited to welcome Vikas as the Group’s CEO. He brings multi-decadal, global experience in building leading consumer brands and digital platforms. Vikas will focus on business growth, leveraging technology and customer centricity to bring the best of beauty and skincare propositions to the Indian market. I am confident that the organization will benefit from his leadership,” Amit Jain, Managing Director and Head, Carlyle India Advisors said.

Carlyle’s investment underscores the investment firm’s overall conviction in India’s long-term economic and domestic consumption growth, which the team believes is characterized by product premiumization and a shift in preference amongst the rising middle-class towards established brands, the company had said announcing its investment in VLCC.

Commenting on his appointment, Gupta said VLCC will continue to build on its strengths, while also exploring new opportunities for growth and expansion. “Our focus will be on creating value for our stakeholders and making a positive impact in the beauty and skincare industry,” he added.

VLCC was founded by Vandana Luthra and Mukesh Luthra as a beauty and weight management services centre in 1989; the VLCC group was incorporated in 1996, The VLCC Group’s operations currently span 310 locations in 139 cities and 11 countries, including India, Sri Lanka, Bangladesh, Nepal, Singapore, Thailand, the UAE, Oman, Bahrain, Qatar, Kuwait, and Kenya. The company has a portfolio of skin and beauty products. VLCC also provides aesthetic dermal treatments and weight management services across a network of retail clinics

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