FSN E-Commerce Ventures, the parent of Indian beauty products retailer Nykaa, posted a quarterly profit on Tuesday that more than doubled, benefiting from new brand tie-ups and steady demand for makeup and skincare.
Nykaa announced in June that it could break even in four years – Nykaa- Facebook
The company, which retails an array of brands such as Estee Lauder and actor Katrina Kaif’s Kay Beauty both online and offline, said profit rose to 233.2 million rupees ($2.66 million) for the first quarter ended June 30, from 96.4 million rupees a year ago.
Indians, especially the affluent, have not shied away from spending on skincare and cosmetics — a category that outperforms others even during a consumption slowdown — helping prop up the $28-billion beauty and personal care industry in India.
Nykaa added brands such as luxury offering Chanel, Korean skincare label Aestura and sunscreen maker Supergoop to its product line-up, lifting revenue in its beauty business 24% to 19.75 billion rupees.
The growth was driven by a focus on reaching more customers across online and offline stores and offering higher-end products, Nykaa said. That, coupled with a 15% rise in its fashion business, which sells apparel and accessories from brands such as Victoria’s Secret and Titan’s Mia, pushed overall revenue up 23% at 21.55 billion rupees.
