CEO of Nykaa Fashion resigned, relieved from his post with immediate effect, know the reason

Nike Fashion CEO (Chief Executive Officer) Nihir Parikh has resigned. The company has also relieved him from the post with immediate effect. Nike Fashion gave this information in a regulatory filing on Thursday. Nike Fashion is the fashion vertical of FSN E-Commerce Ventures Limited. According to PTI news, Nihir Parikh of FSN E-Commerce Ventures has resigned from December 5, 2024 due to personal commitments.

Company’s beauty section accounts for majority of revenue

According to the news, in a separate statement issued by Nike, Parikh will continue to contribute to Nike Fashion as a member of its board of directors. The fashion vertical accounts for less than 10 per cent of the company’s revenue and is still running in loss. The company’s beauty section accounts for majority of revenue. Nike reported an integrated net profit of Rs 12.97 crore and revenue of Rs 1,874 crore in the September quarter. Nike recently appointed Abhijeet Dabas as Executive Vice President and Business Head – Fashion E-Commerce.

He was associated with the company for nearly a decade

The statement from the company said that Abhijeet will focus on driving the online growth of Nike Fashion, expanding its global footprint and building strategic partnerships, including tie-ups with major retailers like Foot Locker and Revolve, to further strengthen Nike’s presence in the fashion e-commerce sector.

Nihir Parikh has held various management roles at Nykaa over the course of nearly a decade. Parikh joined Nykaa in 2015 as Chief Strategy Officer and led it for the next five years, moving to Chief Business Officer in 2016. Nykaa’s total revenue from operations grew 24 per cent year-on-year to ₹1,875 crore in the September quarter. Net profit grew 72 per cent to ₹10 crore during the quarter.