The chief executive who described celebrity chef Nadia Lim as "Eurasian fluff" has apologised, the company's board says.

However, Lim - the target of his vitriol - says he hasn't.

A statement from the DGL board released tonight said: "Following disparaging remarks about a female entrepreneur and prominent New Zealand identity, Nadia Lim, by CEO Simon Henry reported in a New Zealand business publication this week, the board has conveyed its deep disappointment to Mr Henry."

DGL shares fell 20c or 4.94 per cent to $3.85 in Friday trading, wiping $54m from its value, after a 10c slide the day before. The NZX50 fell 1.18 per cent.

Henry's comment this week criticised My Food Bag, which has underperformed since entering the market, for including a photo of Lim in its prospectus, calling her "Eurasian fluff".

"I can tell you, and you can quote me," he said.

"When you've got Nadia Lim, when you've got a little bit of Eurasian fluff in the middle of your prospectus with a blouse unbuttoned showing some cleavage, and that's what it takes to sell your scrip, then you know you're in trouble."

The board said his comments were "completely inappropriate, unacceptable and offensive".

Celebrity chef Nadia Lim says she is yet to receive an apology from DGL CEO Simon Henry. Photo / Doug Sherring

My Food Bag co-founder and brand ambassador Nadia Lim as featured in the company's IPO product disclosure statement. Photo / My Food Bag

"Mr Henry agrees and has expressed genuine regret for his comments. He has apologised to Ms Lim. Understanding also that his comments are contrary to the culture of respect, diversity and inclusion encouraged and expected at DGL Group, Mr Henry has apologised to DGL's board, staff and, by extension, to other stakeholders for any offence caused," the statement said.

But a spokeswoman for Lim said she had not had an apology of any kind.

The Herald asked a DGL spokesman how Henry had apologised and was told: "A written apology has been couriered to her and he's going to email it to her and hopefully speak to her as well.

"We had assumed it had been emailed to her, turns out it had been couriered to her."

The board has made clear to Henry the standards expected of him as a chief executive and the comments he has made have no place in DGL, or in the wider community, the statement said.

"The board will be taking steps to ensure there is no repeat of this incident."

Lim this week countered Henry's criticism, saying some people who climb the ladder will push other people down.

The My Food Bag co-founder wanted to stay out of the debate but, on Wednesday night, found herself sitting opposite a young flight attendant on a trip from Christchurch to Queenstown.

"I smiled at her and she smiled back at me and I actually felt a little bit emotional. She was a young woman of Asian descent, like myself . . . and I thought: How do you feel when you hear things like that? Or read things like that?"

Lim said derogatory comments had always existed, "often in a very casual and flippant way" and while she usually ignores them, she learned early how damaging they could be.

"What if it was your daughter? I realised it's not about me. I'm lucky, I've had years of support and opportunities to build up a thick skin and resilience, but there are obviously so many people who aren't in that position, who are vulnerable, and who would have seen a reflection of themselves in those comments. Those are the people I feel sad and disappointed for. I'm not speaking out for me - it's for them."

She said the biggest thing she'd encountered and hadn't really spoken out about it much was with her dad.

"My Mum is New Zealand European and my Dad was Chinese Malaysian. He used to get a lot of flak, all the time. It wasn't directed at me, but I was a child and I observed it of course. And he, the same as me, would just brush it off and pretend it didn't get to him. But I could see the hurt in his eyes. It did. It always did."

Lim said if you gave someone an inch, they'll take a mile and if such behaviour is not stamped on it just continued, and the little things added up.

"It's especially important in this situation, because he is a CEO. He is meant to be a leader ... he could use his potential and his influence to celebrate diversity and inclusion. It's a missed opportunity. If he did, he would get so much out of it. I feel sad for him that he hasn't learned that lesson yet."

Lim says she wasn't looking for a personal apology.

"What would make me happy is if he really does internalise it, and think deeply about it, from other people's perspectives."