Shares of FSN E-Commerce Ventures Ltd, widely recognized as Nykaa, saw a notable uptick of almost 2% during Friday’s trading, marking a robust performance in the September quarter across diverse sectors, including Nykaa Fashion. This growth story emerged against a backdrop of subdued demand within the industry, attributed to the delayed onset of the festive season.
Nykaa opened positive at ₹148 against the previous close of ₹149.
In an official communication to the Bombay Stock Exchange (BSE), Nykaa reported sustained demand in the Beauty and Personal Care (BPC) category. The beauty segment flourished through online sales, the establishment of physical retail outlets, and the expansion of in-house brands. Nykaa credited this expansion to the success of their flagship event, the ‘Hot Pink Sale,’ held in July.
Nykaa is poised for a substantial 20% year-on-year growth in the Net Sales Value (NSV) of the BPC business for this quarter. The company acknowledged that the festive season traditionally acts as a significant catalyst for lifestyle categories. However, this year, festivities commenced in October, a delay from the previous year’s September kickoff. This shift had a measurable impact on the growth trajectory of Q2 FY24.
At 12:00 PM the shares of Nykaa were up 1.36% or 2 at ₹149
