Nykaa has not named Tata Digital in the petition.
Bachelor of Beauty and Fashion Wank has sued its former business director Gopal Asthana, now associated with Tata Cliq, for alleged breach of confidentiality and attempting to harm Nykaa’s business, Economic times reported Thursday.
According to the report, Nykaa said it reached out to former Nykaa employees to encourage them to join Tata Cliq. Some of these employees changed jobs over the past year.
Asthana currently heads Tata Cliq, the digital fashion arm of the Tata Group. She joined the company in July last year and has over 20 years of experience in the retail sector.
As per Asthana’s LinkedIn profile, she previously worked with Future Group and Shoppers Stop, where she spent over 21 years. She worked at Nykaa for over three and a half years, since November 2019.
In its suit, Falguni Nayar-led Nykaa has sought a refund of about Rs 19 crore for employee stock options availed by Asthana and another Rs 5 crore. On Wednesday, the Bombay High Court issued an interim order restraining Asthana from hiring Nykaa executives for Tata Cliq.
Nykaa has not named Tata Digital in the petition.
Nykaa and Tata Cliq results
In the first quarter of fiscal year 2024-25 (FY25), Nykaa’s consolidated gross merchandise value (GMV) rose 25 per cent year-on-year to Rs 3,321 crore, driven by a 28 per cent rise in beauty sales and a steady performance in fashion, the company said. Its revenue from operations grew 23 per cent year-on-year to Rs 1,746 crore, and earnings before interest, tax, depreciation and amortisation (Ebitda) stood at Rs 96 crore.
On the other hand, Tata Cliq generated revenues of Rs 78.5 crore in FY23, according to Tata Sons’ annual report.
First published: September 5, 2024 | 9:15 am IS
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