Online lingerie retailer Zivame, which is run by Actoserba Active Wholesale Pvt. Ltd, has appointed Sumeet Yadav as executive chairman.
In his most recent assignment, Yadav was heading the India business of food and beverage brand Nando’s as CEO. Previously, he was country head for Tommy Hilfiger and Nautica.
Yadav will strengthen Zivame’s efforts in diversifying its portfolio and enhancing growth by intensifying its omni-channel presence, the company said in a statement.
“This is an exciting time for the industry, which is going through an evolution with digitisation playing a disruptive role in influencing business dynamics and consumer engagement,” Yadav said.
Meanwhile, Zivame’s chief operating officer Shaleen Sinha has been promoted as chief executive, The Economic Times reported. Sinha has been interim CEO ever since its founder Richa Kar relinquished control of the company’s business operations in January this year.
Sinha was appointed as COO in 2015. Prior to joining Zivame, he was a senior executive at Aditya Birla Group where he led consumer franchises for several group firms.
Zivame products are currently available in over 250 outlets and 20 exclusive Zivame studios in key cities. According to Sinha, the company recorded an annualised growth of 74% in the last nine months of FY17.
The startup was founded in 2011 by Kar who previously worked with German software firm SAP.
In September 2015, Zivame raised Rs 250 crore in its Series C funding from Zodius Technology Fund and Khazanah Nasional Bhd, the investment holding arm of the Malaysian government.
The startup had previously raised around $9 million in two rounds of funding from IDG Ventures, Kalaari Capital and Unilazer Ventures.
The company’s net loss widened to Rs 54 crore for FY2015-16 from Rs 29.5 crore the year before, according to VCCEdge, the data research arm of VCCircle. It reported 38% growth in net sales at Rs 62.6 crore and a 57% jump in total expenses to Rs 118.8 crore during the period.
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