THE WHAT? Nykaa owner, FSN E-Commerce Ventures is expected to report revenue growth in the mid-twenties for the first quarter of fiscal 2024, according to a report published by Mint, thanks to strong demand for beauty and personal care (BPC) products.
THE DETAILS The Indian retailer said that a slowdown in overall discretionary spend had hit fashion sales but is yet to affect demand for the BPC category. Nevertheless, Nykaa expects its fashion net sales value to grow in the low to mid teens.
FSN’s net profit, however, wasn’t looking as healthy, plummeting 71.8 percent to ₹2.4 crore from ₹9 crore in the prior-year period.
THE WHY? The company said in a regulatory filing, per Mint, “[The] apparel industry has been impacted due to a discretionary slowdown during the quarter, especially in small towns. We expect discretionary spending to improve with the revival of seasonal demand. Despite the larger category trend, our fashion business has witnessed relative resilience through gradual improvement in order volume.”
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