Earnings from Indian magnificence firm Nykaa rise because of robust demand for style

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BENGALURU, Aug 5 (Reuters)On Friday, the mother or father firm of Indian cosmetics and style retailer Nykaa posted a 33.2% improve in first-quarter web revenue, pushed by robust demand for its style merchandise.

The TGP-backed firm, which dominates the house magnificence and private care area on-line with a market share of practically 30%, has launched into an acquisition spree and not too long ago ventured into the boys’s underwear and athleisure class with a brand new model identify.

Nykaa made a powerful market debut in November 2021, incomes the nation’s first female-led unicorn valued at practically $ 14 billion.

The corporate mentioned its gross merchandise worth (GMV) jumped 47% to 21.56 billion rupees within the quarter. GMV of the style trade jumped 59%, whereas that of the sweetness and private care trade elevated 39%.

“Client demand for magnificence, private care and wellness can also be displaying the primary indicators of restoration and this 12 months we’re getting ready for a promising vacation season,” mentioned Falguni Nayar, CEO and CEO of Nykaa.

Consolidated web revenue for FSN E-Commerce Ventures Ltd, mother or father firm of Nykaa FSNE.NS was Rs 45.5 million ($ 574,582.01) for the quarter ended June 30, in contrast with Rs 34.2 million the earlier 12 months.

Income elevated by 40.6% to 11.48 billion rupees.

($ 1 = 79.1880 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru; Modifying by Shinjini Ganguli)

((Anuran.Sadhu@thomsonmigration.com; +91 8697274436;))

The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.

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