Nykaa Fashion CEO Nihir Parikh quits with immediate effect, cites personal commitments

Nykaa Fashion, a subsidiary of FSN E-Commerce Ventures, on Thursday announced that its chief executive officer (CEO), Nihir Parikh, has tendered his resignation due to personal commitments.

In a regulatory filing to the BSE and NSE, the company said Parikh’s resignation will come into effect at the close of business hours on December 5, 2024.

"Nihir Parikh has resigned effective December 05, 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.

"The company places on record its appreciation for the invaluable contribution provided by Mr. Nihir Parikh during his long association over the years with the company," it added.

The fashion vertical accounts for less than 10% of the company's revenue. The beauty segment of the company accounts for the majority of the revenue. Nykaa Fashion is still a loss-making vertical.

The company has not yet disclosed details regarding Parikh’s successor.

The announcement comes on the heels of a strong financial performance by FSN E-Commerce Ventures in the July-September quarter (Q2 FY25). The company reported a 71.6% year-over-year (YoY) increase in consolidated net profit, reaching ₹10.04 crore, compared to ₹5.85 crore in the corresponding period last year.

The net profit rose 4.1% from ₹9.64 crore in Q1 FY25.

The premium fragrance category emerged as a standout performer in the beauty segment, outpacing overall platform growth in the July-September quarter.

Shares of Nykaa ended 0.77% lower at ₹167.80 on Thursday.