Ferns N Petals (FNP) rolled out its first ever Employee Stock Ownership Plan (ESOP’s) worth 2 percent of the company’s outstanding shares.
India's gifting giant aims to improve performance and encourage the employees to acquire stocks in the company. Already in effect from September 2021, the ESOP plan includes first set of more than 35 eligible employees. Overall the company has a workforce of 1000+ employees and has defined a set eligibility criteria for participation in the ESOP program. The company, which started with a single store in 1994, has grown to have 11 verticals, with a topline of INR 400 crore in FY 2020-21.
Vikaas Gutgutia, Founder & Managing Director at Ferns N Petals, said “We believe ESOPs represent our belief in the vision for Ferns N Petals and ownership among our fellow employees. Recognizing the contribution and commitment of our employees towards the firm, the ESOPs come with additional responsibility towards the company. We look forward to welcoming more employees to be a part of this exciting experience of being co- owners of FNP."
FNP plans to strengthen its portfolio across sectors of consumer, technology, e-commerce, marketplace, corporate gifting, etc. After completing 27 years of operations with international presence in Dubai, Singapore, Doha, Ferns N Petals completed now plans to expand and be active in other markets including Saudi Arabia, Malaysia, Indonesia, Philippines, UK and Russia. The newly introduced ESOP plan will play a key role to motivate and inspire employees. It may also strengthen FNP's employer brand and help them attract top talent in newer markets.