Modenik Lifestyle Pvt Ltd, a prominent innerwear maker backed by Advent International, has made a significant announcement regarding a key leadership change. The company has appointed LV Vaidyanathan, the former chief executive and managing director at P&G India, as its new executive chairman, effective July. Vaidyanathan will succeed Sunil Sethi, who is set to retire on 31 July.
With an impressive career spanning over 25 years, Vaidyanathan brings a wealth of experience to his new role at Modenik Lifestyle. Having worked across various markets including India, Vietnam, Thailand, the Philippines, Indonesia, and Singapore, Vaidyanathan is well-equipped to lead the company into its next phase of growth and development.
In a press statement, the company expressed confidence in the new leadership appointments, stating that they mark a new chapter for Modenik Lifestyle. The board believes that under Vaidyanathan’s guidance, the company will continue to strengthen its market position and pursue its strategic objectives with vigor.
Shantanu Khosla, a board member at Modenik Lifestyle, highlighted the broader trend of multinational CEOs transitioning to private-equity-backed firms in India. He emphasized Vaidyanathan’s decision to join the company as a testament to his belief in the company’s vision and commitment to driving growth. Khosla also praised the elevation of Shekhar Tewari to the role of CEO, noting that it further bolsters the management team.
Modenik Lifestyle is the result of a merger between Advent International’s portfolio companies Dixcy Textiles Pvt Ltd and Gokaldas Intimatewear Pvt Ltd, the parent company of the popular Enamor brand. Headquartered in Bengaluru, the company has established itself as a key player in the intimate wear and casual clothing segment.
Advent International’s involvement in the company dates back to 2017 when it acquired a 60% stake in Dixcy Textiles, followed by the purchase of the remaining 40% in 2019. The firm also acquired Gokaldas Intimatewear in 2019, further solidifying its position in the market. The merger of Dixcy Textiles and Gokaldas Intimatewear in December 2021 led to the creation of Modenik Lifestyle, with a renewed focus on offering a diverse range of products for men and women.
Modenik Lifestyle’s portfolio includes popular brands such as Dixcy Scott Originals, Dixcy Scott Maximus, Josh by Dixcy Scott, Slimz, and Enamor. The company faces competition from Page Industries, the exclusive licensee of Jockey International Inc in India.
Expressing his enthusiasm for the new role, Vaidyanathan stated that he looks forward to collaborating with Shekhar Tewari and the talented team at Modenik Lifestyle to drive growth and achieve new milestones. Vaidyanathan recently stepped down as the CEO of P&G India, a position he held since July 1, 2022.
The appointment of Vaidyanathan as executive chairman and the elevation of Tewari to CEO signal a new era of leadership and growth for Modenik Lifestyle. With a strong team in place and a clear strategic direction, the company is poised to make significant strides in the innerwear market under their guidance.