XYXX's Announces ESOP Buyback Programme
XYXX, a men‘s lifestyle label crafting apparel for the discerning Indian man, has announced their first ever Employee Stock Ownership Plan (ESOP) buyback, aimed at rewarding key employees who have been instrumental in achieving organisational objectives and driving the company's success. XYXX’s ESOP programme was introduced 4 years ago, and employees who have completed their tenure are eligible for the buyback.
The ESOP programme is designed to recognise and reward key employees who have been instrumental in driving growth, innovation, and success across various areas. This initiative reaffirms commitment to empowering its dedicated workforce and fostering wealth creation for employees. Eligible employees are allowed to liquidate at a 6X premium on the allotted price with zero strike price.
XYXX’s ESOP buyback programme currently includes employees spanning from senior managers to heads of departments as well as executive leadership - all who have been instrumental in nurturing XYXX’s explosive growth over the last 7 years and leaving an indelible mark with their performance and initiative. With a majoritarily young workforce, the youngest participant in the buyback is 31 years, with the average age of employees participating standing at 36 years.
On the announcement Yogesh Kabra, Founder & CEO, XYXX comments, “Announcing our first-ever ESOP buyback is a proud moment for the leadership team, and especially me. It reaffirms my belief in the collective success of Team XYXX and the pivotal role they have played in our growth story. 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.”
