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People walk past Nikah, an Indian beauty products retailer, in a shopping mall in New Delhi, India, July 11, 2022. REUTERS/Anushree Fadnavis/File Photo
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BENGALURU, Aug 5 (Reuters) – The parent company of Indian cosmetics-to-fashion retailer Nika on Friday reported a 33.2% rise in first-quarter net profit, citing strong demand for its fashion products.
The TGP-backed company, which dominates the domestic online beauty and personal care space with nearly 30% market share, has been in the process of acquisitions and recently entered the men’s underwear and athletics sector with a new brand.
Nika made a strong market debut in November 2021, valuing the country’s first female-led unicorn at nearly $14 billion.
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The company’s gross merchandise value (GMV) jumped 47% to 21.56 billion rubles in the quarter. GMV from its fashion business jumped 59 percent, while its beauty and personal care business increased 39 percent.
“Consumer demand for beauty, personal care and wellness is showing early signs of recovery and we are gearing up for a promising festive season this year,” said Falguni Nayar, CEO and Managing Director, Nika.
Consolidated net profit for Nykaa-parent FSN E-Commerce Ventures Ltd ( FSNE.NS ) was 45.5 million rupees ($574,582.01) for the quarter ended June 30, compared with 34.2 million rupees a year earlier.
Revenue grew 40.6% to 11.48 billion roubles.
($1 = 79.1880 Indian Rupees)
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Reporting by Anuran Sadhu in Bengaluru; Editing by Shinjini Ganguly
Our standards: The Thomson Reuters Trust Principles.
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