FSN E-Commerce Ventures Ltd (Nykaa) Anticipates 22-23% YoY Revenue Growth in Q1 FY2025

FSN E-Commerce Ventures Ltd, which operates Nykaa and its subsidiaries, expects its revenue growth to be around 22-23% YoY in Q1 FY2025. The company will commence vertical-wise segmental reporting, with the Beauty segment, including Nykaa, beauty owned brands, physical stores, and eB2B distribution business, expected to have similar revenue growth to the consolidated entity. The Beauty vertical's GMV growth is predicted to be higher, in the high twenties YoY. The Fashion segment, consisting of the Nykaa Fashion platform, fashion owned brands, LBB, and the Nykaa Man lifestyle business, is expected to deliver a healthy performance with revenue growth of around twenty percent YoY and mid-teens YoY GMV growth. The slower growth in the physical retail business, impacted by elections and heatwaves, and the muted demand environment in the overall Fashion industry have been noted.