Nykaa Fashion CEO Nihir Parikh Steps Down Amidst Business Challenges

Nihir Parikh, CEO of Nykaa Fashion, has resigned due to personal commitments, effective December 5, 2024. The fashion segment, which is still unprofitable, contributes less than 10% to FSN E-commerce Ventures' revenue. The beauty segment is the major revenue driver for the company.

In a significant leadership change, Nykaa Fashion's CEO, Nihir Parikh, has stepped down, according to a regulatory filing. His resignation, driven by personal matters, takes effect immediately.

Nykaa Fashion operates under FSN E-commerce Ventures Ltd., contributing under 10% of the company's overall revenue, while still operating at a loss.

Despite challenges in its fashion division, the company reported a consolidated net profit of Rs 12.97 crore and a revenue of Rs 1,874 crore for the September 2024 quarter, indicating robust performance largely due to its beauty segment.