Nykaa Fashion CEO Nihir Parikh Resigns with Immediate Effect

Nihir Parikh, the CEO of Nykaa Fashion, has resigned from his position, effective December 5, 2024, citing personal reasons. FSN E-commerce Ventures, the parent company of Nykaa, announced the development in a regulatory filing on Thursday.

"Nihir Parikh has resigned effective December 05, 2024, due to personal commitments. He has been relieved from his role at the close of business hours on December 5, 2024," the filing stated.

Nykaa Fashion, which is the fashion vertical of FSN E-commerce Ventures, contributes less than 10% of the company's overall revenue. Unlike Nykaa's beauty segment, which drives most of the company's income, the fashion division is still operating at a loss.

For the quarter ending September 2024, FSN E-commerce Ventures reported a consolidated net profit of ₹12.97 crore, with total revenue reaching ₹1,874 crore.

Nihir Parikh's departure comes at a time when the company is navigating the challenges of its loss-making fashion segment while continuing to rely heavily on the success of its beauty business.

This move raises questions about Nykaa Fashion's leadership strategy as it works to establish itself as a significant player in the competitive fashion market.