Nyaka Fashion’s chief executive officer, Nihir Parikh, has resigned and has been removed with immediate effect, the company said in a regulatory filing on Thursday.
Nykaa Fashion is the fashion vertical of FSN E-Commerce Ventures Limited.
“Nihir Parikh has resigned with effect from December 5, 2024 due to personal commitments. He has been relieved from services with effect from the close of business hours on December 5, 2024,” FSN E-Commerce Ventures said in a filing.
In a separate statement issued by Nykaa, Parikh will continue to contribute as a member of Nykaa Fashion’s Board of Directors.
The fashion vertical accounts for less than 10 percent of the company’s revenue and is still making losses. The company’s beauty segment accounts for the majority of revenue.
Nykaa posted a consolidated net profit of Rs 12.97 crore and revenue of Rs 1,874 crore for the September quarter.
Nykaa has recently appointed Abhijeet Dabas as Executive Vice President and Business Head – Fashion Ecommerce.
“Abhijeet will focus on building strategic partnerships to drive Nykaa Fashion’s online growth, expand its global footprint, and strengthen Nykaa’s presence in the fashion e-commerce space, including alliances with key retailers such as Foot Locker and REVOLVE,” the statement said.