Nykaa shares rise more than 4% In early deals on Thursday on the BSE, the company said it has expanded into men’s innerwear and athleisure category with Glot.
By expanding into the men’s innerwear category, Nykaa will now compete with listed player Page Industries, which is involved in the manufacturing and retailing of innerwear, and holds the exclusive licensee jockey International in India.
“With this new brand, hero Fashion aims to redefine an oft-overlooked space for men’s needs by combining comfort and technology in a way that is kind to the planet. Underwear range starts from 499 and from athleisure 899,” it said in the exchange filing.
“With Glute, we have incorporated technology into innerwear and casual wear, resulting in ultimate comfort for men. Glut is a highly intelligent technological creation that will solve all the common concerns consumers have with their underwear. Overall, we are proud to present a premium brand where comfort and technology come together, ensuring that men are able to make a seamless transition from home to work out at the gym,” said Nayka Fashion’s core business Officer Preeti Gupta said.
Shares of Nykaa’s parent company FSN E-Commerce Ventures Ltd. have fallen nearly 37% since listing last November, amid widespread market catastrophe that has weighed on shares of technology companies as interest rates set in. are up around the world. However, Nykaa’s shares are up 28% over its IPO issue price. 1,125 per.
FSN E-commerce reports a nearly 57% drop in its consolidated profit 7.57 crore for the fourth quarter ended March 2022, mainly on account of fresh investments. The company had recorded a profit of 17.9 crore in the same period a year ago. Revenue from Nykaa’s operations up 31% 973 crore during the reported quarter, from 740.5 crore in the year-ago period.
Gross Merchandise Value (GMV) up 29% in the beauty and personal care vertical 1,248.5 crore in the quarter to March 2022 964.5 crore a year ago. The fashion vertical registered a growth of 84% during the quarter from 482.7 crores 262 crores ago.
Nykaa Fashion is a multi-brand e-commerce fashion offering from Nykaa with SKUs across Women, Men, Kids, Luxe and Home categories.