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In his resignation letter, Parikh said he was stepping down on account of personal commitments, effective December 5, 2024.
Parikh joined Nykaa on May 6, 2015. He holds a bachelor’s degree in chemical engineering from the University of Mumbai and an MBA from INSEAD business school in France, according to Nykaa’s website.
Prior to his tenure at Nykaa, Parikh was associated with Genentech Inc., an American biotechnology company, and GE Healthcare, a healthtech firm.
In the second quarter, Nykaa’s fashion segment reported a modest 10% growth in gross merchandise value (GMV) for the July-September period. The company attributed the slower performance to key festivals falling later in the year, as such events typically drive growth in fashion products.
Prior to that, Nykaa’s fashion segment showed slower-than-expected growth despite a 20% revenue increase, according to senior executives. The ‘anchor category’ of Indian and ethnic wear underperformed, partly due to a lack of events and festivals, Parikh had told analysts during the quarterly earnings call.
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Parikh’s resignation comes as Nykaa ramps up its quick commerce initiatives, focusing on a segment of fast-moving everyday stock-keeping units (SKUs), including essential beauty products, with delivery times ranging from 30 minutes to three hours.The company has also piloted a 10-minute delivery service in Borivali, Mumbai, as reported by ET.
For the second quarter, Nykaa reported a 24% year-on-year increase in operating revenue, totalling Rs 1,875 crore. Its consolidated net profit rose 66% to Rs 13 crore during the same period.
Nykaa’s shares closed at Rs 167.5 on the BSE on Thursday.
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