Nihir Parikh, CEO of Nike Fashion, has resigned. The company has also relieved him from his post with immediate effect. Nike Fashion has given this information in a regulatory filing on Thursday. Nika Fashion is the fashion vertical of FSN E-Commerce Ventures Limited. According to PTI news, FSN E-Commerce Ventures' Nihir Parikh has resigned with effect from December 5, 2024 due to personal commitments.
The beauty section of the company accounts for the majority of the revenue.
According to the news, Nike said in a separate statement that Parikh will continue to contribute to Nike Fashion as a member of its board of directors. The fashion vertical accounts for less than 10 percent of the company's revenue and it is still incurring losses. The beauty segment of the company accounts for the majority of the revenue. Nykaa reported integrated net profit of Rs 12.97 crore and revenue of Rs 1,874 crore in the September quarter. Nykaa has recently appointed Abhijeet Dabas as Executive Vice President and Business Head – Fashion E-Commerce.
Been associated with the company for almost a decade
A statement from the company said that Abhijeet will focus on driving the online growth of Naika Fashion, expanding its global footprint and building strategic partnerships, including tie-ups with leading retailers such as Foot Locker and Revolve, to drive fashion e-commerce. -NICA's presence in the commerce sector can be further strengthened.
Nihir Parikh has held various management roles at Nykaa for nearly a decade. Parikh started at Nykaa as Chief Strategy Officer in 2015 and led it for the next five years as 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 increased 72 per cent to ₹10 crore during the quarter.
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