Nykaa to enter the Gulf market with Apparel Group

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Nykaa to enter the Gulf market with Apparel Group

The fashion retailer received board approval today to sign an agreement with the Middle East's Apparel Group, a global fashion and lifestyle retail conglomerate based in the United Arab Emirates UAE. The move will help the firm enter the Gulf Cooperation Council GCC market in the Middle East, according to the shares of Nykaa listed as FSN E-Commerce Ventures Limited. The Apparel Group is one of the largest omnichannel retailers in the Middle East. It is home to more than 75 lifestyle and beauty brands with over 2,000 stores in 14 countries.

Nykaa stock was up 2.29 per cent to Rs 1,314. 65 were among a falling market early in the day. The shares are trading higher than the 5 day moving averages but are lower than 20 day, 50 day, 100 day and 200 day moving averages. The stock has dropped 38.28 per cent this year and fell 4.21 per cent in a month.

ALSO READ: Nykaa enters the Gulf countries through its first international alliance with Apparel Group through its first international alliance with Apparel Group.

It touched a 52 week high of Rs 2,574 on November 26, 2021 and hit a 52 week low of 1208 on May 12, 2022 on the BSE. The firm's shares changed hands in total of 0.17 lakh, a turnover of Rs 2.21 crore. The firm's market cap rose to 61,573 crore on the BSE.

The Kingdom of Bahrain, the State of Kuwait, Sultanate of Oman, State of Qatar, Kingdom of Saudi Arabia and the United Arab Emirates UAE Nykaa will leverage the Apparel Group'sApparel Group's robust retail infrastructure network and deep market relationships to build distinct Gulf Cooperation Council GCC focused beauty offerings in the UAE, Kingdom of Saudi Arabia, Qatar, Oman, Kuwait and Bahrain, the Falguni Nayar-owned firm said in a communication to bourses.

In a separate development on Monday October 10, fashion retailer fashion retailer fashion retailer announced a bonus issue of shares in the ratio 5: 1. Those holding one share of Nykaa will be entitled to five shares of the company during the bonus issue. 8 on the BSE. The record date for the purpose of determining members eligible for bonus equity shares was set by the firm on Thursday, November 3, 2022.

In the June quarter, Nykaa reported a healthy 33.4 per cent increase in net profit at Rs 4.55 crore against a year-ago profit of Rs 3.41 crore. Revenue from operations jumped 40.5 per cent to Rs 1,148 in the March 2022 quarter of FY 22, down 47.6 per cent from Rs 8.56 crore. In the quarter under review, 42 crore were in the quarter compared to Rs 816.991 crore in the same quarter last fiscal.

Sensex and Nifty were trading lower today in a highly volatile market. Sensex was down 183.09 points at 58039.01, but Nifty lost 53.20 points to 17278.60 in early trade.