Certain key employees of the Indian men’s lifestyle brand, XYXX will get a chance to create wealth thanks to the company announcing employee stock ownership plan or ESOP buyback options. The buyback will be at a significant six-time premium on the allotted price, with zero strike price.
This is the first ESOP buyback announcement by the company which designs apparel for men. The move is aimed at rewarding employees who have made significant contributions to the organisation’s goals, success and achievements.
While the ESOP programme was launched four years ago, employees who have completed their tenure are eligible for the buyback. This is the company’s way of recognising and rewarding key employees who have helped the company grow, innovate and become successful.
The move will also help to empower its dedicated workforce and foster wealth creation for its members, including senior executive and team leaders at the departmental level. The youngest participant in the buyback process is only 31, which shows how young the workforce is.
The company has witnessed remarkable growth in the last seven years, with a CAGR of 100 per cent and trust index of 88 per cent. It is presently valued at Rs 61,091 crores and has over 22,000 touchpoints across the country including multibrand outlets or MBOs and exclusive brand outlets or EBOs.
A proud Yogesh Kabra, founder and CEO, XYXX , says the ESOP buyback programme “reaffirms my belief in the collective success of Team XYXX and the pivotal role they have played in our growth story.” In his words, “As a new-age, consumer brand start-up, we stand tall with leading fintech, ed-tech and e-commerce brands when it comes to wealth creation options for our workforce.”
