Sanghvi Brands Ltd on Thursday said its chief executive officer Rajesh Srinivas Bail has resigned on account of personal reasons.
The company is in the process of appointing a new CEO, said Sanghvi Brands in a stock market disclosure. Bail will officially leave on February 28, it added.
The resignation comes in the wake of the company being impacted by the coronavirus outbreak.
Sanghvi Brands, which was founded in 2010, operates a portfolio of luxury spa, beauty, wellness and fitness brands. It is the franchisee of L’Occitane Spa in India.
The company said in its latest annual report that Covid-19 had posed challenges to all the businesses of its brands and its subsidiaries. The coronavirus pandemic also had a significant impact on its overseas activities carried out through its subsidiaries in the US, the UAE and Sri Lanka. The management decided to discontinue the operations and close down these entities due to future uncertainties, it added.
Sanghvi Brands’ revenues in the fiscal ended 31 March 2020 declined to Rs 30 crore from Rs 31.4 crore in the previous financial year. Its net loss had narrowed to Rs 9.1 crore during the period from Rs 13.9 crore.
The Pune-based company had received private equity funding from Tano Capital in 2014.
