A stock exchange filing has announced the resignation of Nihir Parikh, the CEO of Nykaa’s fashion vertical, from the cosmetics and fashion company. Parikh stated in his letter of resignation that, as of 5th December 2024, he was leaving his position due to personal obligations.
Parikh began working for Nykaa on 6th May 2015. In addition to his MBA from INSEAD Business School in France, Nykaa’s website states that he has a bachelor’s degree in chemical engineering from the University of Mumbai. Parikh had previously worked for the American biotechnology company Genentech Inc. and the healthtech company GE Healthcare before joining Nykaa.
Gross merchandise value (GMV) for the July–September period increased by a moderate 10 per cent in the second quarter, according to Nykaa’s fashion division. Due to the fact that fashion product growth is usually fuelled by important festivals that take place later in the year, the firm explained the slower performance.
Prior to that, senior officials said that although Nykaa’s fashion section had a 20 per cent increase in revenue, its growth was slower than anticipated. Parikh had informed analysts during the quarterly results call that the ‘anchor category’ of Indian and ethnic clothes did not do well, in part because there were not enough events and festivals.
With delivery durations ranging from 30 minutes to three hours, Nykaa is concentrating on a section of fast-moving everyday stock-keeping units (SKUs), such as vital beauty products, as part of its quick commerce ambitions. Parikh resigned at this time.
Additionally, the business has tested a 10-minute delivery service in Mumbai’s Borivali. Nykaa recorded operational revenue of US $ 221 million for the second quarter, a 24 per cent year-over-year growth. Over the same time period, its consolidated net profit increased by 66 per cent to US $ 1.53 million.
