Nykaa Fashion CEO Nihir Parikh Resigns

In a major top-level reshuffle, Nykaa Fashion’s chief executive officer (CEO) Nihir Parikh has quit the company. 

In a filing with the BSE, Nykaa said that Parikh tendered his resignation on account of personal commitments. 

“… this is to inform that Nihir Parikh, CEO- Nykaa Fashion.com and a senior management personnel of the company, has tendered his resignation, on account of personal commitments,” the filing said. 

The company said that his resignation will be effective immediately from the close of business hours of December 5.

An alumnus of Stanford University and INSEAD, Parikh counts nearly two decades of experience under his belt. He previously worked with companies like GE Healthcare and Genentech. Parikh joined Nykaa as its chief strategy officer in 2015 and rose through the ranks to become the CEO of Nykaa Fashion in April last year

Parikh’s resignation comes just weeks after the beauty and fashion ecommerce major roped in Cars24’s former South East Asia head Abhijeet Dabas as executive vice president and business head for its fashion segment.

The development also comes at a time when the company has aggressively scaled up its quick commerce play and has been piloting deliveries between 30 minutes to 2 hours for select, high-demand beauty products. 

Despite playing second fiddle to the beauty vertical, Nykaa’s fashion arm’s revenue grew 21.7% year-on-year (YoY) to INR 166.10 Cr in the second quarter of the fiscal year 2024-25 (Q2 FY25). Meanwhile, it trimmed its EBITDA loss by 19.2% to INR 24.4 Cr during the quarter under review from an EBITDA loss of INR 29.1 Cr in the year-ago period. 

Overall, Nykaa saw its consolidated net profit surge 66.3% to INR 12.97 Cr in Q2 FY25 from INR 7.8 Cr in the year-ago period. Revenue from operations jumped 24.4% to INR 1,874.74 Cr from INR 1,746.11 Cr in Q2 FY24. 

Shares of Nykaa closed Thursday’s (December 5) trading session 0.95% lower at INR 167.50 on the BSE.