Nihir Parekh, the Chief Executive Officer at Nykaa, has quit the organisation, which also relieved him immediately. FSN E-Commerce Ventures Ltd. released a regulatory filing which stated: “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”. Nykaa Fashion is the fashion and lifestyle vertical of FSN E-Commerce Ventures Ltd.
Despite his resignation, Nihir will be contributing to the Board of Directors. The fashion vertical, which accounts for less than 10% of the company’s revenue, remains a loss-making entity. In contrast, the beauty segment continues to drive the majority of the company’s revenue.
Ink Dive: Veefin Group Strengthens Leadership: Gitesh Karnik is the new CHRO and Saurabh Kanwar is the CBMO
In its recent quarterly financials, Nykaa reported a consolidated net profit of ₹12.97 crore and revenue of ₹1,874 crore for the September quarter.
In a strategic move to bolster its fashion e-commerce presence, Nykaa recently appointed Abhijeet Dabas as Executive Vice President and Business Head of fashion eCommerce. Dabas will focus on driving online growth, expanding the company’s global footprint, and forging strategic partnerships.
“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 company stated.
As Nykaa continues to navigate the evolving e-commerce landscape, the appointment of Dabas and the retention of Parikh on the board are expected to bolster the company’s position in the fashion and beauty markets.
Insights from agencies
