Richa Kar, founder of online lingerie retailer Zivame has stepped down from the role of chief executive officer, according to a report. This is another major addition to the series of changes that have been taking place in Zivame’s top management and operating structure.
In January 2017, Richa had distanced herself from the day-to-day business operations of the company, and Shaleen Sinha had taken over those responsibilities. Shaleen was appointed in November 2015 as Zivame’s chief operating officer.
The company’s board has announced Shilpa Kulkarni (Managing Director, Zodius Capital) to be the representative who would lead their strategic decisions.
"Since this is a widely held company in terms of ownership with five shareholders, who entered the company at various stages of the company's growth, it was mutually decided by all five shareholders that for the purpose of efficiency and also clarity to the management (that) they appoint one member of the board to be the point person for all interactions with the management. We have found this (to be) very effective for young companies where founders and management may not have the breadth to handle or listen to diverse views from multiple shareholders,” the company spokesperson was quoted as saying.
Shedding more light on Shilpa’s role as the company representative, the spokesperson said:
This was put into place late last year and has worked very well for Zivame. The shareholder representative would be active and engaged only in strategic decisions, which would include annual business plan and overall team structure and goals for the forthcoming year, and so in the months of March and April this would be a more engaged role."
Richa, however, continues to be a board member, and has not gone for selling or dilution of her shares either. People Matters reached out to her for a statement regarding her decision, and is awaiting her response.
Zivame has also reportedly returned to a marketplace model, wherein it shall present a curated offering across brands. This development comes following reports of Zivame pivoting into a private label business in September last year, after starting out as an aggregator in 2011.
"To broaden our portfolio, we are handpicking and curating exclusive styles from other brands which at any given point of time will contribute less than 20% to our overall business. There is no change in our retail strategy," the spokesperson added.