Nykaa Fashion CEO Nihir Parikh resigns with immediate effect

FSN E-Commerce Ventures, which operates beauty and fashion retailer Nykaa, announced on Thursday, December 5, that Nykaa Fashion's chief executive officer (CEO), Nihir Parikh, has resigned and been immediately relieved of his duties. Nykaa Fashion is the fashion vertical of FSN E-Commerce Ventures Ltd. 

“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,” said FSN E-commerce Ventures said in a regulatory filing to the stock exchanges today.

Also Read: Nykaa’s faster deliveries won’t strain profits, says Anchit Nayar after Q2 results

Nykaa acknowledged Parikh's contributions towards the company's growth.  "The company places on record its appreciation for the invaluable contribution provided by Mr Nihir Parikh during his long association over the years," added FSN E-commerce Ventures.

Parikh resigned after holding several management roles at Nykaa for almost a decade. Parikh started in Nykaa as chief strategy officer in 2015 and went on to lead as chief business officer in 2016 for the next five years. In 2021, Parikh was promoted to CEO of NykaaMan and Head of Retail before becoming the CEO of NykaaFashion.com in 2023 and continuing as chief of NykaaMan.

Also Read: Nykaa Q2 Results: Net profit jumps 71.6% YoY to ₹10.04 crore

Nykaa Q2 Results

Nykaa’s total revenue from operations rose 24 per cent year-on-year to ₹1,875 crore in the September quarter, supported by strong growth in its beauty segment and a moderate recovery in fashion. Net profit rose 72 per cent to ₹10 crore during the quarter.

The beauty marketplace gross merchandise value (GMV) jumped 29 per cent year-on-year to ₹2,783 crore, driven by the success of in-house brands like Dot & Key and Kay Beauty and growth in offline store sales.

Also Read: Nykaa block deal: Public shareholder sells 1.43% stake in FSN E-Commerce Ventures for ₹851 crore

In fashion, revenue growth outpaced GMV, bolstered by Little Black Book (LBB) marketing income and higher service-related revenue. The fashion vertical accounts for less than 10 per cent of the company's revenue, while the beauty segment accounts for most. Nykaa Fashion is still a loss-making vertical.

The Mumbai-based company rolled out Nykaa Now this year, joining the quick commerce trend with a promise of four-hour deliveries on beauty basics. In its latest quarter, Nykaa reported that 70 per cent of its orders in the top 110 cities arrived on the same or next day, with 80 per cent hitting that mark in the top 12 cities.

With Nykaa Now's launch, the company focuses its quick delivery on high-demand, everyday items rather than specialized beauty products. The service promises delivery within 30 minutes to three hours in select metros.