Advent International backed Modenik announces retirement of Sunil Sethi as Executive Chairman and appointment of L.V. Vaidyanathan as Executive Chairman

· Mr. Sunil Sethi to retire as Executive Chairman on July 31, continuing as a Board member

· Mr. L.V. Vaidyanathan appointed as Executive Chairman, bringing over 25 years of experience in various markets

Bengaluru, May 28, 2024: Modenik Lifestyle Pvt. Ltd., one of India’s leading essential wear companies, backed by Advent International, announces the retirement of Mr. Sunil Sethi from his role as Executive Chairman, effective July 31, 2024. The company is also pleased to announce that Mr. L.V. Vaidyanathan, former CEO & MD of P&G India, will take over as Executive Chairman in July 2024. Mr. Sethi will continue to serve on the Board of Directors, providing his invaluable guidance to the team. This marks a significant milestone as Modenik continues to drive innovation and growth in the industry.

During his tenure, Sunil Sethi made numerous impactful contributions to Modenik Lifestyle. He successfully integrated Modenik as a unified company across Dixcy and Enamor, with a shared purpose, vision, and values, creating a unique strategic asset with a leading position in both men’s and women’s innerwear. Under his leadership, the company navigated the challenges of the COVID-19 crisis, emerging as a resilient organization. Sunil also fostered a strong management team, grooming Shekhar Tewari, whose promotion to CEO & Executive Director earlier this year, solidifies the company’s leadership for future success.

Mr. 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 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.

“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 Officer for the company,” said Mr. Sunil Sethi.

“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.

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.”