“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.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,” said Vaidynathan 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.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. He has led both these businesses to industry leading growth and value creation.
Private equity firm Advent International merged its portfolio companies Dixcy Textiles and Gokaldas Intimatewear to create Modenik Lifestyle three years ago. During his tenure, Sethi who will continue to serve on the board, integrated Modenik as a unified company across Dixcy and Enamor, creating a unique strategic asset with a leading position in both men’s and women’s innerwear. My tenure at Modenik Lifestyle has been immensely rewarding.
As I embark upon my new journey focused on strategic and advisory roles and entrepreneurial ventures that give 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,” said Sethi.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.
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.
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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