Nykaa says it saw strong FY2024, highlights retail focus
By Retail4Growth Bureau | May 23, 2024
While sharing its financial results for FY 2024, Nykaa informs that its physical retail footprint as of 31 March 2024 was 187 stores across 68 cities, an addition of 42 stores during the year.
Nykaa (FSN E-Commerce) has announced its financial results for the quarter and full year ended March 31, 2024. “We continue to drive improvement in profitability,” said the company statement and shared that the company’s Net Profit for Q4 2024 was Rs. 91 million, up 298% YoY, while Net Profit for the year grew 90% YoY to Rs. 397 million.
The company also shared its retail expansion drive, strengthening its position as the largest omnichannel beauty retailer in the country. “Nykaa’s physical retail footprint as of 31 March 2024 was 187 stores across 68 cities, an addition of 42 stores during the year. We also recently launched our flagship luxury store in the prime locale of Linking Road in Mumbai spread across ~2500 sq ft. Redefining the art of retailing, the store offers an immersive beauty experience with state-of-the-art beauty tech and holistic beauty services, ensuring a tailored experience for every customer,” said the company.
The company added that the Nykaa distribution business - Superstore by Nykaa - had established its unique position of being India’s only specialized beauty B2B platform. “Superstore serves over 1.95 lakhs transacting retailers and has expanded to over 1,000 cities, a significant accomplishment for a 2 year old business.”
It further informed that the company had its ecommerce platform, Nysaa.com in this quarter along with the launch of their first Nysaa store at City Centre Mirdif, Dubai.
