Nykaa Fashion on Thursday announced that its Chief Executive Officer Nihir Parikh has resigned and has been relieved with immediate effect. Nykaa Fashion is the fashion vertical of FSN E-commerce Ventures Ltd.
In a regulatory filing, the company said, “This is to inform that Mr. Nihir Parikh, CEO- Nykaa Fashion.com and a Senior Management Personnel of the Company, has tendered his resignation, on account of personal commitments. The resignation will be effective the close of business hours of December 05, 2024.”
“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.
Nihir Parikh cited personal commitments as the reason for resignation. In his resignation letter, he wrote, “I, Nihir Parikh, do hereby tender my resignation from the position of Chief Executive Officer of NykaaFashion.com, a business unit of Nykaa Fashion Limited, which is a wholly owned subsidiary of the company, on account of personal commitments, effective December 5, 2024. Request you to process my resignation and relieve from my duties with effect from the close of business hours on December 5, 2024.I would like to thank the management for the opportunity, and I wish the company all the success in its future endeavors.”
Earlier in November, Nykaa had announced the appointment of Abhijeet Dabas as executive vice president and business head of fashion e-commerce, to helm Nykaa Fashion’s online growth strategy, expanding the platform’s global footprint and building strategic partnerships.
During the same month, Nykaa had announced its fiscal second quarter earnings with a profit jump of 66 per cent on-year to Rs 13 crore as compared to Rs 7.8 crore a year ago. Revenue from operations stood at Rs 1874.7 crore, up 24 per cent from Rs 1507 crore in Q2FY24. EBITDA, meanwhile, stood at Rs 103.7 crore, up 29 per cent YoY. Nykaa had said, on the fashion front, the first half was muted on account of seasonality and because of the festive and wedding season being concentrated in the second half of FY25.