E-Commerce Giant Nykaa Fashion CEO Nihir Parikh Resigns for THIS Reason, Company Responds

Nykaa Fashion, the fashion arm of FSN E-Commerce Ventures Ltd, has made headlines as its CEO, Nihir Parikh, announced his resignation on December 5, 2024. This development, revealed through a regulatory filing, marks a significant change for the company, which has seen remarkable growth under Parikh’s leadership.

Why Nihir Parikh Resigned

The official filing clarified that Parikh stepped down due to personal commitments. While the specifics of these commitments remain undisclosed, his departure is effective as of the close of business hours on December 5, 2024. Nihir Parikh has been an integral part of Nykaa Fashion, driving its transformation into one of India’s most recognized e-commerce platforms.

Nykaa’s Response to the Resignation

In a stock market e-filing, the company expressed its gratitude for Parikh's contributions. The official statement read, "The Company places on record its appreciation for the invaluable contribution provided by Mr. Nihir Parikh during his long association over the years with the Company." This acknowledgment highlights Parikh's role in steering Nykaa Fashion during a competitive e-commerce era.

Nykaa’s Strong Financial Growth

Despite this leadership shift, Nykaa Fashion continues to show impressive financial performance. FSN E-Commerce Ventures reported a 71.6% year-on-year rise in net profit for the recent quarter, reaching ₹10.04 crore. Consolidated revenue surged by 24.4%, demonstrating the brand's resilience and market strength.