Bengaluru: Modenik Lifestyle Pvt. Ltd., an Indian essential wear company with Advent International’s backing, announces Mr. Sunil Sethi’s retirement as Executive Chairman effective July 31, 2024. L.V. Vaidyanathan, former CEO & MD of P&G India, will succeed him in the same role. MSethi will remain on the Board of Directors to offer guidance. This change signifies Modenik’s commitment to innovation and growth.
During his tenure, Sunil Sethi made impactful contributions to Modenik Lifestyle by integrating Dixcy and Enamor under a unified company and leading the organization through the challenges of the COVID-19 crisis. His efforts resulted in a strong management team, culminating in the promotion of Shekhar Tewari as CEO & Executive Director, positioning the company for future success.
L.V. Vaidyanathan,an alumnus of IIM Ahmedabad, began his career with P&G. With over 25 years of experience across multiple markets, including India, Vietnam, Thailand, Philippines, Indonesia and Singapore. He has served as CEO & MD for P&G in Indonesia and subsequently in India. He has led both these businesses to industry leading growth and value creation.
These leadership changes signal a new era for Modenik Lifestyle, underscoring its dedication to innovation, excellence, and sustainable growth. The board believes that these appointments will help Modenik enhance its market standing and achieve its strategic goals.
Sunil Sethi said, “My tenure at Modenik Lifestyle has been immensely rewarding. As I embark upon my new journey focused on strategic/advisory roles and entrepreneurial venture that gives back to the community, it is with great confidence that I pass the baton to L.V. Vaidyanathan, whose extensive expertise and vision will propel Modenik to new heights. I am excited to welcome him and look forward to the continued growth and success of the company under his leadership. I am proud of seeing through Shekhar Tewari’s journey to take on the role of Chief Executive Officerfor the company.”
Dalal, Managing Director at Advent India PE Advisors said, “We thank Sunil, whose leadership has built Modenik into a high quality organisation today, with robust systems and processes. We are excited for the next phase of Modenik’s journey, and we believe L.V. Vaidyanathan’s vast expertise and forward-thinking approach will elevate Modenik to a market leading position.”
L.V. Vaidynathan said, “I am thrilled to join Modenik Lifestyle, a company celebrated for its innovation and leadership in the essential wear industry. Sunil Sethi’s outstanding contributions have established a robust foundation. I am eager to collaborate with Shekhar Tewari and Modenik’s talented team to drive growth and achieve new milestones.”
Shantanu Khosla, Board Member, Modenik Lifestyle said, “I want to extend my heartfelt gratitude to Sunil Sethi for his invaluable contributions to Modenik Lifestyle, which have laid a robust foundation for our continued success. As LV transitions from his successful tenure at P&G to join Modenik, it reflects a broader trend of multinational CEOs moving to private equity-backed companies in India, drawn by the opportunity to drive rapid growth and create substantial value. His decision to join us underscores his confidence in our vision and commitment to advancing our growth trajectory. Additionally, the elevation of Shekhar Tewari to CEO further strengthens our management team, and I am excited to see the innovations and successes that this new leadership will bring.”
