Nykaa spikes 5% as company upbeat on newly launched product lines

The company said it has been working to generate revenue from its innerwear product line Nykd, which is showing signs of promise.

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Shares of FSN E-Commerce Ventures, which operates Nykaa, zoomed 5 percent to Rs 144.85 on BSE in late trade after the company talked at length about emerging growth areas on its investor day.

The company said it has been working to generate revenue from its innerwear product line Nykd, which is showing signs of promise. In just two years of operation, the product has reached annual revenue of Rs 85 crore and is EBITDA positive.

The company said Nykd is among the Top 3 in India in the bras category in less than 18 months on Amazon. It has achieved 100 percent YoY growth in FY23 at 50 percent lower marketing spends.

For the brand, UP, Uttrakhand, Delhi-NCR, Haryana, Gujarat, Punjab and Karnataka are existing regions, while Maharashtra, Tamil Nadu, Telengana, Andhra Pradesh, West Bengal, the Northeast and Kerala are the emerging markets.

“In established markets, the repeats are more than 30 percent. Store count grew from ~350 in FY22 to ~1000 in FY23 and projected to cross ~2000 in FY24. Strong trade team across markets with focus on presence in top pareto stores,” Nykaa said. It has set up four exclusive stores and more are coming up.

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Another product line Kay has also shown promise, it said, adding that gross merchandise value (GMV) grew by 75 percent YoY in FY23 to Rs 128 crore.

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