Nihir Parikh, the CEO of Nykaa Fashion, resigned from his position at the beauty and fashion shop on Thursday, according to a stock exchange filing, which caused Nykaa shares to drop as much as 1.1% on Friday to Rs 165.70 on the BSE.
Parikh stated in his letter of resignation that he was leaving his position effective December 5, 2024, due to personal obligations. Nykaa hired Parikh on May 6, 2015. According to Nykaa’s website, he has an MBA from the INSEAD management school in France and a bachelor’s degree in chemical engineering from the University of Mumbai.
Prior to that, top executives stated that while Nykaa’s fashion division saw a 20% rise in sales, the growth was less rapid than expected. During the quarterly earnings call, Parikh told investors that the “anchor category” of Indian and ethnic clothing did poorly, partly due to a lack of holidays and events. As part of its swift commerce goals, Nykaa is focusing on a segment of fast-moving everyday stock-keeping units (SKUs), like essential beauty goods, with delivery times ranging from 30 minutes to three hours. At this point, Parikh quit.
Nykaa Fashion CEO Nihir Parikh Resigns
Nihir Parikh, the CEO of Nykaa Fashion, a division of FSN E-Commerce Ventures, resigned on Thursday, citing personal obligations. The company’s regulatory filing with the BSE and NSE states that the resignation would take effect at the end of business hours on December 5, 2024. The business conveyed its appreciation for Parikh’s work during his employment.
About the Company
Nykaa, a brand of FSN E-Commerce Ventures Ltd., is one of India’s top e-commerce platforms for fashion, wellness, and beauty. It offers a large selection of goods from both domestic and foreign brands on a number of online platforms and in-store. Over the last 12 months, FSN E-Commerce Ventures has generated Rs. 7,077.63 Cr in operating revenue.
A remarkable 24% annual revenue growth, a 1% pre-tax margin that need development, and a 2% ROE that is reasonable but requires better are all noteworthy. Because it has no debt and a solid balance sheet, the company can record consistent earnings growth over the course of business cycles. In terms of technical analysis, the stock is trading below its major moving averages. To achieve any significant progress, it must eliminate these thresholds and remain above them.
