The Advent International-backed innerwear and lifestyle firm Modenik Lifestyle Pvt Ltd has announced the appointment of LV Vaidyanathan as its new executive chairman, marking a significant shift in the company’s leadership. Vaidyanathan, a former managing director and chief executive of Procter & Gamble (P&G) India, will succeed Sunil Sethi, who is scheduled to retire on July 31. For Modenik Lifestyle, this is a critical shift as the company works to strengthen its position in the market and pursue strategic expansion under Vaidyanathan’s direction.
LV Vaidyanathan’s Extensive Experience and Background
With over 25 years of experience with P&G in a variety of regions, including Indonesia, Singapore, Vietnam, Thailand, the Philippines, and India, LV Vaidyanathan brings a plethora of knowledge with him. After graduating from the esteemed Indian Institute of Management (IIM) Ahmedabad, Vaidyanathan started his remarkable career with P&G, where he refined his abilities and knowledge in overseeing extensive operations and propelling expansion in a variety of settings.
His vast background in P&G leadership positions has given him a profound grasp of consumer behavior and market dynamics, which will be useful in his new position at Modenik Lifestyle. With Vaidyanathan’s hiring, Modenik Lifestyle should be able to better navigate the competitive innerwear and casual apparel industry thanks to his new viewpoint and strategic ideas.
Modenik Lifestyle’s Strategic Vision and Market Position
The combined company of Dixcy Textiles Pvt Ltd and Gokaldas Intimatewear Pvt Ltd, Modenik Lifestyle, is dedicated to men’s and women’s casual and intimate wear. Advent International amalgamated its portfolio firms in December 2021 to become the company, which has its headquarters in Bengaluru, with the aim of enhancing its market presence. Among the well-known brands in Modenik’s portfolio are Slimz, Enamor, Josh by Dixcy Scott, Dixcy Scott Originals, and Dixcy Scott Maximus.
With its wise investments in Gokaldas Intimatewear and Dixcy Textiles, Advent International has established Modenik Lifestyle as a major force in the Indian innerwear industry. Advent first purchased a 60% share in Dixcy Textiles in 2017 and then the remaining 40% in 2019. Furthermore, Gokaldas Intimatewear was purchased by Advent in 2019 for an estimated ₹320.
Leadership Changes and Future Prospects
Shekhar Tewari was promoted to CEO and executive director earlier this year, coinciding with the appointment of LV Vaidyanathan as executive chairman. The goal of Modenik Lifestyle’s leadership transitions is to improve the caliber of its management group and foster creativity. A board member of Modenik Lifestyle, Shantanu Khosla emphasized the wider trend of international CEOs shifting to private equity-backed businesses in India, demonstrating the trust in Modenik’s development potential and vision.
His choice to join us demonstrates his faith in our mission and dedication to accelerating our development trajectory, according to Khosla. Furthermore, Shekhar Tewari’s promotion to CEO bolsters our management team even more, and I’m looking forward to the triumphs and innovations this new leadership will bring.
Industry Competition and Market Dynamics
In a market where there is fierce rivalry, Modenik Lifestyle faces formidable rivals such as Page Industries, which is the only license holder for Jockey International Inc. in India. Modenik has a competitive advantage over its rivals because to its wide range of brands and clever market positioning.
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