Nitin Agarwal, CEO of FirstCry’s house of brands arm GlobalBees, has resigned citing personal reasons, according to a stock exchange filing by the baby and mother care retailer on Friday. His resignation comes into effect from May 23, 2025, the filing said. Agarwal has also stepped down as the director of GlobalBees.
He will be replaced by Anuj Jain, chief business officer of FirstCry’s preschool segment and senior vice president, marketing.
FirstCry owns a 50.7 percent stake in GlobalBees, which owns 15 brands across home utilities, appliances, fashion, and personal care categories.
For the quarter ended December 2024, GlobalBees reported a 13% year-on-year (YoY) increase in its operating revenue at Rs 422 crore.
This compares to a 55% YoY growth recorded in the second quarter of FY25. In an earnings call for the October-December period, FirstCry CEO Supam Maheshwari pointed out that the slowdown in growth was on account of the advancement of marketplace sales by ecommerce firms — from which GlobalBees derives a bulk of its business.
“...because of the advancement of those promotional festivities, in Q3, we were expected to be moderating on that. And if you look at, on a nine-month window, it is 29 percent growth,” he said.
Agarwal, who cofounded GlobalBees along with Maheshwari, steps down at a time when the roll-up ecommerce sector has been under a prolonged period of stress.
ET had reported in March that overvalued acquisitions, financial mismanagement, and unmet promises raised questions about the sustainability of the roll-up ecommerce model, leading to several founders buying back their brands at a fraction of the original price. This has happened across firms, including Good Glamm Group, Mensa Brands, GlobalBees, Upscalio, and Goat Brand Labs.
The sector has also seen a wave of legal disputes and financial restructuring.
In March, FirstCry said it would invest Rs 146 crore in GlobalBees over a 12-month period.
On Friday, shares of FirstCry ended trading 4% down at Rs 339 on the BSE.
He will be replaced by Anuj Jain, chief business officer of FirstCry’s preschool segment and senior vice president, marketing.
FirstCry owns a 50.7 percent stake in GlobalBees, which owns 15 brands across home utilities, appliances, fashion, and personal care categories.
For the quarter ended December 2024, GlobalBees reported a 13% year-on-year (YoY) increase in its operating revenue at Rs 422 crore.
This compares to a 55% YoY growth recorded in the second quarter of FY25. In an earnings call for the October-December period, FirstCry CEO Supam Maheshwari pointed out that the slowdown in growth was on account of the advancement of marketplace sales by ecommerce firms — from which GlobalBees derives a bulk of its business.
“...because of the advancement of those promotional festivities, in Q3, we were expected to be moderating on that. And if you look at, on a nine-month window, it is 29 percent growth,” he said.
Agarwal, who cofounded GlobalBees along with Maheshwari, steps down at a time when the roll-up ecommerce sector has been under a prolonged period of stress.
ET had reported in March that overvalued acquisitions, financial mismanagement, and unmet promises raised questions about the sustainability of the roll-up ecommerce model, leading to several founders buying back their brands at a fraction of the original price. This has happened across firms, including Good Glamm Group, Mensa Brands, GlobalBees, Upscalio, and Goat Brand Labs.
The sector has also seen a wave of legal disputes and financial restructuring.
In March, FirstCry said it would invest Rs 146 crore in GlobalBees over a 12-month period.
On Friday, shares of FirstCry ended trading 4% down at Rs 339 on the BSE.
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