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Modenik Lifestyle, which is backed by Advent International, has announced the appointment of L.V. Vaidyanathan as its Executive Chairman effective July. Vaidyanathan, is former MD and CEO of P&G India. The company is known for essential wear brands such as Dixcy Scott and Enamor.
Vaidyanathan will succeed Sunil Sethi who is retiring from the position of Executive Chairman on July 31. Sethi will continue to serve on the Board of Directors.
“These leadership changes mark a new chapter for Modenik Lifestyle, reinforcing the company’s commitment to innovation, excellence, and sustainable growth. The board is confident that with these appointments, Modenik will continue to strengthen its market position and drive forward its strategic objectives,”an official statement added.
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Vaidyanathan, an alumnus of IIM Ahmedabad, began his career with P&G and has over 25 years of experience across multiple markets, including India, Vietnam, Thailand, Philippines, Indonesia and Singapore.
“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,” said Sahil Dalal, Managing Director at Advent India PE Advisors.
“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,” added Vaidyanthan
Shantanu Khosla, Board Member, Modenik Lifestyle said, “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.”
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