In a surprising turn of events, Nihir Parikh, the CEO of Nykaa Fashion, has resigned from his position effective immediately on December 5, 2024.
The announcement was made through a regulatory filing by FSN E-commerce Ventures, the parent company of Nykaa Fashion.
Nihir cited personal commitments as the reason for his sudden departure.
Company Background
Nykaa Fashion is the fashion vertical of FSN E-commerce Ventures, which has gained significant attention in India’s e-commerce space.
Despite its growing presence, the fashion division accounts for less than 10% of the company’s overall revenue, with the majority of earnings generated through Nykaa’s beauty segment.
The fashion vertical continues to operate at a loss, highlighting its developmental stage within the broader business portfolio.
For the September 2024 quarter, FSN E-commerce Ventures reported a consolidated net profit of ₹12.97 crore with revenue reaching ₹1,874 crore.
The beauty segment remains the primary revenue driver for the company, contributing significantly to its overall financial performance.
The premium fragrance category emerged as a top performer within the beauty segment during Q2 FY25, outpacing the overall growth of the platform.
Nykaa Fashion: Leadership Changes
Following Nihir’s resignation, the company has appointed Abhijeet Dabas as Executive Vice President and Business Head for Fashion eCommerce.
Abhijeet is tasked with enhancing Nykaa Fashion’s online growth, expanding its international reach, and forming strategic partnerships with major retailers like Foot Locker and REVOLVE.
This leadership change is part of Nykaa’s strategy to strengthen its position in the fashion e-commerce sector.
The company expressed gratitude for Nihir’s contributions during his tenure.
In a statement, FSN E-commerce Ventures said, “The company places on record its appreciation for the invaluable contribution provided by Nihir Parikh during his long association over the years”.
Despite stepping down as CEO, Nihir will continue to contribute to Nykaa Fashion as a member of its board of directors.
Nykaa’s shares ended Thursday’s trading session at ₹167.80, down 0.77%.
Investors and analysts are closely watching the company’s next steps and how it will navigate the leadership transition.
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