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Nykaa Fashion chief executive officer Nihir Parikh has resigned and has been relieved with immediate effect, a regulatory filing said on Thursday. Nykaa Fashion is the fashion vertical of FSN E-commerce Ventures Ltd. "Nihir Parikh has resigned effective December 05, 2024, on account of personal commitments. He has been relieved from the services w.e.f. (with effect from) close of business hours of December 5, 2024," FSN E-commerce Ventures said in the filing. The fashion vertical accounts for less than 10 per cent of the company's revenue. The beauty segment of the company accounts for the majority of the revenue. Nykaa Fashion is still a loss-making vertical. The company has posted a consolidated net profit of Rs 12.97 crore and revenue of Rs 1,874 crore for September 2024 quarter.
American lifestyle retailer Abercrombie & Fitch Co. on Thursday announced a multi-year franchise partnership with Myntra Jabong, the business-to-business wholesale arm of fashion and lifestyle e-commerce platform Myntra. The collaboration aims to expand Abercrombie & Fitch's retail presence in India through physical stores and e-commerce platforms, enhancing its brand reach in the region. "Over the life of the franchise agreement, Myntra Jabong will build a brick-and-mortar retail store presence in the country, regional e-commerce sites and branded digital storefronts operated by a network of licensed and independent third parties," a company statement said. Abercrombie & Fitch Co. CEO Fran Horowitz expressed enthusiasm about engaging with Indian customers and said India is an incredibly dynamic and diverse market where the brand sees "tremendous long-term potential". Store presence will be built starting from top metros, including Delhi and Mumbai, which would be among ...