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Nykaa's beauty business glows but margin stays a sore spot
Mint Mumbai
|November 19, 2024
The September quarter (Q2FY25) results of FSN E-commerce Ventures Ltd, the parent of Nykaa, showcased robust growth in the beauty business, while fashion was sluggish—mirroring a trend seen in the previous few quarters.
Revenue increased 24% year-on-year to ₹1,875 crore, and the EBITDA margin at 5.5% was slightly below estimates.
Beauty gross merchandise value (GMV) growth was stellar at 29% with the Hot Pink Sale attracting 23 million unique visitors over 10 days, pushing order volumes up 24%. Average order value (AOV) was up 2%.
The beauty segment-owned brands' GMV growth was striking at 48%, led by strong growth in Dot & Key and Kay Beauty.
Still, higher marketing and sales expenses meant that the beauty contribution margin as a percentage of net sales value fell 110 basis points (bps) on-year to 22%.
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