Indian beautician Nykaa’s profit jumps on strong fashion demand

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BENGALURU: Indian cosmetics-to-fashion retailer Nykaa’s parent company Friday reported a 33.2 percent increase in net profit in the first quarter, boosted by strong demand for its fashion products.

The TGP-backed company, which dominates the domestic online beauty and personal care space with nearly 30 percent market share, is making acquisitions and recently ventured into the menswear and athleisure category with a new brand.

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Nykaa made a strong market debut in November 2021, earning the country’s first female-led unicorn a valuation of nearly $14 billion.

The company said gross value of trade (GMV) rose 47 percent in the quarter to rupees 21.56 billion. GMV of the fashion industry was up 59 percent, while that of the beauty and personal care business was up 39 percent.

“Consumer demand for beauty, personal care and wellness is also showing early signs of recovery and we are gearing up for a promising festive season this year,” said Nykaa CEO and General Manager Falguni Nayar.

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Consolidated net income for Nykaa parent company FSN E-Commerce Ventures Ltd was 45.5 million rupees ($574.582.01) for the quarter ended June 30, compared to 34.2 million rupees a year earlier.

Sales increased by 40.6 percent to 11.48 billion rupees.

($1 = 79.1880 Indian Rupees)

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