Indian cosmetics retailer Nykaa reports 33.2% jump in Q1 net profit

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Indian cosmetics retailer Nykaa reports 33.2% jump in Q1 net profit

BENGALURU Indian cosmetics-to-fashion retailer Nykaa's parent company reported a 33.2 per cent increase in first quarter net profit on Friday, 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 per cent market share, recently ventured into men's innerwear and athleisure category with a new brand.

Nykaa was the country's first women-led unicorn in November 2021, a strong market debut and a valuation of nearly $14 billion.

The gross merchandise value of the company went up 47 per cent to 21.56 billion rupees in the quarter. The GMV from its fashion business increased by 59 per cent, while the beauty and personal care business rose 39 per cent.

The consumer demand for beauty, personal care and wellness is showing signs of recovery and we are gearing up for a promising festive season this year, said Nykaa CEO and Managing Director Falguni Nayar.

The net profit for Nykaa-parent FSN E-Commerce Ventures Ltd was 45.5 million rupees $574,582. The quarter ended June 30 was compared to 34.2 million rupees a year ago.