Nykaa Fashion, the fashion vertical of FSN E-commerce Ventures Lt, has confirmed the resignation of Chief Executive Officer Nihir Parikh. He has been relieved immediately, the company said in a regulatory filing on December 5. However, Parikh will continue to contribute to Nykaa Fashion as a member of its board of directors.

“Nihir Parikh, CEO- Nykaa Fashion.com and a Senior Management Personnel of the Company, has tendered his resignation, on account of personal commitments. The resignation will be effective at the close of business hours of December 5, 2024,” FSN E-commerce Ventures said in the filing.

Parikh has been serving as CEO since April 2023 and was responsible for leading the fashion platform and also men's e-commerce platform for fashion and grooming NykaaMan.com. He joined Nykaa as chief strategy officer in May 2015. Initially, he supported Nykaa’s Series B funding of $9.5M in Oct 2015, guided product and tech till June 2016, and supported HR till Nov 2017.

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Nykaa Fashion which contributes to less than 10 per cent of the company's revenue, is a loss making vertical of its parent company. The majority of the revenue comes from the beauty segment of the company. In its latest quarterly report, Nykaa posted a consolidated net profit of Rs 12.97 crore and a revenue of Rs 1,874 crore.

Nykaa recently onboarded Abhijeet Dabas as Executive Vice President and Business Head - Fashion eCommerce.