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Nykaa is battling the beast of earnings expectations

Mint Ahmedabad

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August 20, 2025

Shares of FSN E-Commerce Ventures Ltd have advanced 38.5% so far in 2025 as Nykaa's parent company proved to be resilient amid increased competition from quick commerce and slowing urban demand.

- Manvi Agarwal

Nykaa's beauty segment continues its strong show even as the fashion segment's losses are a sore spot. The beauty segment's annual unique transacting customers grew 26% year-on-year in the June quarter (Q1), while average order values improved 4%.

Buyers' increasing spending per purchase powered a 26% growth in beauty GMV. Nykaa has two key growth engines: premiumization and penetration. Premiumization via campaigns like 'Luxe Weekender' aims to lock Nykaa as the first stop for high-end brands.

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