XYXX announces first ever ESOP buyback programme to reward key employees

XYXX, a premium men‘s lifestyle label, has announced its first-ever Employee Stock Ownership Plan (ESOP) buyback.

The buyback aims to reward key employees who have been instrumental in achieving organizational objectives and driving the company's success. The ESOP programme was introduced 4 years ago, and employees who have completed their tenure are eligible for the buyback, the company said in a statement.

Rewarding key employees

The ESOP program is designed to recognize and reward key employees who have been instrumental in driving XYXX's growth, innovation, and success across various areas.

Notably, Eligible employees are allowed to liquidate at a 6X premium on the allotted price with zero strike price. The buyback programme currently includes employees spanning from senior managers to heads of departments as well as executive leadership. 

With a majority young workforce, the youngest participant in the buyback is 31 years, with the average age of employees participating standing at 36 years, the release notes. 

CEO highlights the collective success of Team XYXX

“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," said Yogesh Kabra, Founder & CEO of XYXX.

XYXX claims to have witnessed explosive growth, with a CAGR of 100%. It has also been awarded the Great Place to Work certification with a trust index of 88% and aims to continue building a culture of inclusivity, collaboration, and empowerment. 

XYXX retail presence 

XYXX said that its robust growth is enabled by a strategic retail presence in an omnichannel module. The startup claims to have over 22,000+ touch points across the country and is also present on all leading marketplaces. Currently valued at Rs 61,091 crore, the Indian innerwear market is projected to reach Rs 75,466 crore by 2025. 

It specializes in underwear, loungewear, and athleisure made from distinctly premium fabrics.