Bangalore-based Brandis Manufacturing and Marketing Ltd’s founder and promoter Nischal Puri has stepped down as the managing director of the company, according to a press statement.
The decision was taken at a board meeting today. Although Puri did not give any reason for the decision but said it was time to pursue his other interests.
“The decision is motivated by a need to venture out and embrace new challenges. Brandis has grown to a stage today where it can be professionally managed. I continue to be on the board and will always wish the brands I helped build the very best,” Puri said, adding that he would remain on the board.
The firm did not say who will take over the reins.
Established in 2010 by Puri, Brandis owns two brands- Beyouty and 2GO. Beyouty is a lingerie brand launched in May 2011 while 2GO is men’s active wear brand, launched in February 2012.
Before setting up Brandis, Puri played a key role in establishing and growing Jockey brand in India, currently top player in its field.
Brandis had raised around Rs 70 crore (nearly $13.5 million) in November 2012 from Peepul Capital.
The firm currently has around 4,000 retail partners in over 2,500 cities in India. It is aiming to end this financial year with turnover of around Rs 106 crore.