Innerwear manufacturer Modenik Lifestyle Pvt Ltd, backed by Advent International, has named L.V. Vaidyanathan, former CEO and Managing Director of P&G India, as its new executive chairman. This announcement comes as Sunil Sethi, the previous executive chairman, retired on July 31.

With over 25 years of experience at P&G, spanning various markets across Asia, including India, Vietnam, and Thailand, Vaidyanathan brings a wealth of expertise to his new role. The company expects his leadership to steer Modenik Lifestyle into a transformative phase.

In a press release, Modenik Lifestyle expressed confidence that these leadership changes would strengthen its market position and drive strategic objectives forward.

Shantanu Khosla, a board member at Modenik Lifestyle, highlighted the trend of multinational CEOs moving to private-equity-backed firms in India. Khosla emphasized Vaidyanathan’s decision to join as executive chairman as a testament to the company’s vision and growth trajectory. The promotion of Shekhar Tewari to CEO further bolsters the management team.

Modenik Lifestyle was formed in December 2021 following the merger of Advent International’s portfolio companies Dixcy Textiles Pvt Ltd and Gokaldas Intimatewear Pvt Ltd. Its portfolio includes well-known brands such as Dixcy Scott Originals, Dixcy Scott Maximus, Josh by Dixcy Scott, Slimz, and Enamor, positioning it against industry leaders like Page Industries.

Vaidyanathan expressed enthusiasm for collaborating with Tewari and the Modenik team to drive growth and achieve new milestones. His transition from P&G India marks a significant career move, aligning with Modenik’s ambitious growth plans in the innerwear and casual clothing market.