Globalbees CEO Nitin Agarwal resigns citing personal reasons

Nitin Agarwal, CEO and Director of Globalbees Brands, has resigned, its parent FirstCry has announced in an exchange filing.

Anuj Jain, Chief Business office of FirstCry's pre-school segment and SVP of Marketing, is set to take charge of Globalbees Brands, effective April 25.

Jain, who has been with the babycare and mothercare retailer for over a decade, was previously associated with FMCG majors like Loreal and ITC.

GlobalBees Brands, a Thrasio-style direct-to-consumer (D2C) venture by FirstCry, was founded in 2021 by FirstCry founder Supam Maheshwari and Nitin Agarwal with an initial corpus of $75 million.

It operates on a house of brands model, and buys and consolidates D2C brands across sectors like beauty and personal care, fashion etc to scale them to a global level.

It counts brands including Joker and Witch, Rey Naturals, Prolixr, and Strauss in its portfolio.

Earlier, in March, its chief business officer Damandeep Soni left the company to pursue another opportunity at AstroTalk.

During the period, FirstCry also announced that it would infuse Rs 146 crore into GlobalBees Brands in tranches over the period of 12 months.

According to regulatory filings by FirstCry, GlobalBees clocked a consolidated turnover of Rs 1,209 crore in FY24, a 35% growth from Rs 897.1 crore it clocked in the previous year. The unit is currently worth Rs 1,095.89 crore.