Beauty and fashion marketplace Nykaa on Tuesday said it clocked "mid-twenties" revenue growth during the second quarter of FY25. “However, consumption has witnessed subdued demand in the first half of this financial year but industry expects to see gradual revival during the second half, driven by the festive and wedding season,” it said in an exchange made with NSE. Nykaa’s beauty vertical, which competes with Reliance-backed Tira and Purplle, clocked mid-twenties growth in net revenue and net sales value growth, while GMV for the segment clocked a much higher growth.
This was driven by strong performance across omnichannel retail businesses, owned brands as well as eB2B distribution businesses ahead of the festive season. Net sales value growth for its fashion vertical came in around the early teens, while Nykaa’s acquisition of content platform business LBB performed well and delivered high growth. LBB’s performance drove the overall vertical’s revenue growth to the early twenties for the quarter ended September 30, 2024.
Falguni Nayyar-led Nykaa also flagged rapid growth for Dot & Key skincare brand which the company ownership of in the first quarter. Shares of the company opened 1% higher on the exchange and pared gains to trade 0.64% lower at Rs 192.
8 apiece at around 11:30 AM on NSE. Edited by Affirunisa Kankudti.