Nykaa Fashion CEO Nihir Parikh quits with immediate effect

PTI, Dec 6, 2024, 8:13 AM IST

Credit: X / @nykaafashion

New Delhi: Nykaa Fashion Chief Executive Officer Nihir Parikh has resigned and has been relieved with immediate effect, the company said in a regulatory filing on Thursday.

Nykaa Fashion is the fashion vertical of FSN E-commerce Ventures Ltd.

“Nihir Parikh has resigned effective December 5, 2024, on account of personal commitments. He has been relieved from the services w.e.f. (with effect from) close of business hours of December 5, 2024,” FSN E-commerce Ventures said in the filing.

Nykaa in a statement issued separately said Parikh will continue to contribute to Nykaa Fashion as a member of its board of directors.

The fashion vertical accounts for less than 10 per cent of the company’s revenue and it still loss-making. The beauty segment of the company accounts for the majority of the revenue.

Nykaa posted a consolidated net profit of Rs 12.97 crore and a revenue of Rs 1,874 crore for the September quarter.

Nykaa recently appointed Abhijeet Dabas as Executive Vice President and Business Head – Fashion eCommerce.

“Abhijeet will focus on driving Nykaa Fashion’s online growth, expanding its global footprint, and building strategic partnerships, including alliances with leading retailers like Foot Locker and REVOLVE, to further strengthen Nykaa’s presence in the fashion e-commerce space,” the statement said.