Modenik Lifestyle names LV Vaidyanathan, former CEO and MD of P&G India, as executive chairman
Apollo Hospitals' arm to raise ₹2,475 crore from Advent InternationalModenik Lifestyle is the merged entity of Advent International's portfolio companies Dixcy Textiles Pvt Ltd and Gokaldas Intimatewear Pvt Ltd, the parent firm of the Enamor brand. The company is headquartered in Bengaluru.Advent International acquired a 60% stake in Dixcy Textiles in 2017, and bought the remaining 40% in 2019.
The firm also acquired Gokaldas Intimatewear in 2019 for an estimated ₹320 crore. In December 2021, Advent merged Dixcy Textiles and Gokaldas Intimatewear to create Modenik Lifestyle, focused on intimate wear and casual clothing for men and women.
Earlier this year, Shekhar Tewari was promoted to CEO and executive director of the company.Modenik's portfolio includes five brands: Dixcy Scott Originals, Dixcy Scott Maximus, Josh by Dixcy Scott, Slimz and Enamor. In India it competes with Page Industries, the exclusive licensee of Jockey International Inc.Also read: P&G India announces ₹300 crore fund to partner supply chain startups"I am eager to collaborate with Shekhar Tewari and Modenik’s talented team to drive growth and achieve new milestones," said Vaidyanathan, who recently stepped down as CEO of P&G India, a position he had held since 1 July 2022.
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