Nykaa (FSN E-Commerce Ventures Limited) delivered an impressive performance in Q3 FY2025, showcasing robust growth in consolidated Net Revenue, which is expected to surpass mid-twenties percentages. This outpaced the consolidated Gross Merchandise Value (GMV) growth, signaling a positive shift in GMV-to-Net-Revenue translation.
Nykaa’s beauty segment saw significant momentum with Net Revenue growth exceeding mid-twenties, while GMV growth touched low thirties. This indicates strong traction across its key beauty channels: the e-commerce platform, retail stores, owned brands, and the rapidly expanding eB2B distribution business, Superstore by Nykaa.
The Superstore now contributes 8% of the beauty vertical’s GMV, up from 7% last year, serving approximately 260,000 transacting retailers in over 1,100 cities. Customer acquisition efforts continue to accelerate, solidifying Nykaa’s leadership in the beauty segment.
The Fashion vertical is expected to deliver Net Revenue growth of around 20%, with NSV growth in the low to mid-teens. Despite subdued online fashion demand, Nykaa remains optimistic about the long-term potential of this segment, fueled by its robust focus on content, marketing, and service-related revenue streams.
