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Nykaa Fashion CEO Nihir Parikh resigns with immediate effect
Livemint
·
8m ago
Medial
The CEO of Nykaa Fashion, Nihir Parikh, has resigned with immediate effect due to personal commitments. Nykaa Fashion is a subsidiary of FSN E-commerce Ventures Ltd. While the beauty segment of the company generates the majority of the revenue, the fashion vertical accounts for less than 10% and is currently experiencing losses.
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Nykaa to pump in INR 150 Cr in its fashion vertical amid rising competition
Inc42
·
1y ago
Medial
Beauty and fashion e-commerce major Nykaa is planning to invest an additional INR 150 Cr in its fashion vertical, Nykaa Fashion Ltd. This strategic investment aims to provide long-term funds to Nykaa Fashion. Along with this, Nykaa will also acquire the lingerie and athleisure business from Nykaa Fashion for INR 229 Cr. The company reported a more than doubled net profit of INR 17.4 Cr in Q3 FY24, while its fashion vertical saw a 40% year-on-year growth in gross merchandise value. Nykaa faces competition from Myntra, Ajio, and Tata CliQ in the fashion e-commerce market.
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Nykaa appoints ex-Myntra exec to strengthen its fashion vertical; incorporates new unit in GCC
YourStory
·
8m ago
Medial
FSN E-Commerce Ventures, the parent company of Nykaa, has appointed Abhijeet Dabas as the EVP and Business Head of fashion eCommerce. Dabas will be responsible for leading Nykaa Fashion's online growth strategy, expanding its global footprint, and building strategic partnerships. Prior to this, Dabas was CEO of South East Asia at Cars24 and VP of Business at Swiggy. Nykaa recently revealed its Q2 results, with its fashion vertical seeing limited growth due to seasonality. However, revenue increased by 22% mainly due to the success of its digital content platform, Little Black Book.
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Can Nykaa’s house-of-brands strategy be its next growth driver?
Livemint
·
1y ago
Medial
Nykaa, the online beauty and fashion marketplace, is focused on becoming a "house of brands" rather than just a multi-brand retailer. The company has seen growth in the beauty segment, with brands such as Dot & Key, Nykaa Cosmetics, and Nykd by Nykaa gaining traction. However, progress has been slower in the fashion segment. Building a successful house of brands is challenging, and Nykaa will need to find ways to scale all of its brands to make the most of its investment and effort. The company is also facing competition from other marketplaces in the fashion category.
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Nykaa sues former executive Asthana who now heads Tata Cliq
Economic Times
·
11m ago
Medial
Nykaa, a beauty and fashion product retailer, has filed a lawsuit against its former chief business officer, Gopal Asthana, who now heads Tata Digital's fashion business, Tata Cliq. Nykaa accuses Asthana of breaching confidentiality, misappropriating proprietary data, and attempting to harm its business by recruiting Nykaa employees to join Tata Cliq. Nykaa is seeking a refund of employee stock option benefits and damages amounting to Rs 24 crore. The Bombay High Court has ordered Asthana to refrain from hiring Nykaa executives for Tata Cliq. Both Nykaa and Tata Cliq have not commented on the matter.
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Nykaa Q3 FY24: Fashion vertical surges ahead, GMV expected to grow about 40% YoY
Inc42
·
1y ago
Medial
Beauty and fashion ecommerce major, Nykaa, experienced consistent growth across its three business verticals during Q3 FY24. Nykaa Fashion witnessed strong growth, with a projected GMV growth of around 40% and NSV growth in the low thirties YoY. However, the beauty and personal care business struggled, with expected GMV growth in the mid-twenties and NSV growth around 20% YoY. The Superstore By Nykaa vertical had high growth and now contributes a significant share to the company's overall NSV. Nykaa anticipates consolidated NSV growth in the mid-twenties and revenue growth in the low twenties YoY.
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Nykaa has huge lead, edge to actively defend its turf: Founder Falguni Nayar
Economic Times
·
1y ago
Medial
Indian retailer Nykaa, a major player in the fashion and beauty industry, is prepared to defend its position against competition from conglomerates and new entrants. Nykaa's founder and CEO, Falguni Nayar, stated that the company has a significant advantage in terms of brand recognition, customer base, and business knowledge. With the rapidly growing beauty e-commerce market in India attracting interest from large companies and conglomerates, Nykaa aims to stay focused and exceed customer expectations to retain its position. Nayar is optimistic about the future of beauty and fashion in India, citing the country's young and aspiring population and rising income levels as drivers of growth.
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OLX India CEO Amit Kumar Resigns
Inc42
·
9m ago
Medial
CarTrade Tech Limited announced the resignation of Amit Kumar as Managing Director and CEO of Sobek Auto India Private Limited, which operates as OLX India. His resignation will take effect on January 31, 2025, as he seeks new career opportunities. CarTrade informed the BSE and NSE about the change, highlighting that Vinay Sanghi, OLX India's Chairman, and the executive team will ensure a smooth leadership transition.
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Quick commerce solution for different use cases, categories; not where Nykaa wants to jump in: Nayar
YourStory
·
9m ago
Medial
Nykaa founder and CEO, Falguni Nayar, has stated that the quick commerce model is better suited to broader product categories, such as groceries, rather than the beauty and fashion space. Although Nykaa is focused on improving delivery timelines and building an extensive network, Nayar emphasized that quick commerce is solving a different use case. She also mentioned that Nykaa aims to provide rapid and express deliveries, particularly as the industry grows and evolves towards an omnichannel approach to serving consumers. The platform currently has 35 million customers and operates in 200 stores.
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Myntra CEO Nandita Sinha to take over Flipkart Fashion
Economic Times
·
1y ago
Medial
Nandita Sinha, CEO of Myntra, is set to head Flipkart Fashion as part of a leadership reshuffle. Arief Mohammad, who was previously leading the fashion business at Flipkart, is leaving the company. The move comes as Sinha takes on additional responsibilities within the Flipkart organization. The spokesperson for Flipkart did not provide immediate comment on the matter.
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Nykaa shares inch up as retailer reports strong Q2 sales, positive full-year outlook
Economic Times
·
1y ago
Medial
Beauty and fashion retailer Nykaa expects a 25% rise in net sales value (NSV) and 20% revenue growth in Q2, similar to its performance in Q1 of FY24. The company's flagship event, 'Hot Pink Sale', contributed to this growth. The beauty and personal care segment is the primary revenue contributor, with NSV expected to grow around 20% YoY. Nykaa Fashion also anticipates a 30% YoY increase in net sales value for the second quarter. Despite a lower share price since its listing, Nykaa remains positive about its performance, citing historical consumer demand in the second half of the year.
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