Introduction (18)
The Big Billion Days Report Card (2)

6 Key Moments That Define Nykaa’s 2023

Inc42 White & Red
Artboard 19
The Big Billion Days Report Card (2)

It took some time for the stock to regain investor confidence, but it did manage to script a decent turnaround by the end of 2023. A rally in its share price starting mid-November resulted in the stock gaining 15% within a month. 

Gaining Investor Confidence

Inc42 White & Red
Adwaita Nayar
The Big Billion Days Report Card (2)

Net sales value of BPC vertical grew 19% YoY in the September quarter while the same jumped 32% for the fashion business. GMV for the BPC and fashion verticals grew 23% and 27%, respectively.

Nykaa Fashion’s Performance

Inc42 White & Red
Profit going up
The Big Billion Days Report Card (2)

Nykaa’s consolidated net profit also surged 50% YoY and 44.4% QoQ to INR 7.8 Cr in Q2.

Net Profit Rises

Inc42 White & Red
Tira Ajio

Reliance entering the beauty omnichannel vertical with Tira, Tata CliQ going omnichannel, Loreal India, and Hindustan Unilever’s Lakme have started expanding online. 

Rising Competitors

Inc42 White & Red
Shalini Raghavan

Five senior executives quit the company around March this year. Six other executives left during the year, including its marketing head. 

Top Level Exits

Inc42 White & Red
Rajesh Uppalapati

CEO Falguni Nayar took over the reins of the marketing department. Ex-Amazon Rajesh Uppalapati was appointed as the CTO.

Restructuring

Inc42 White & Red
Ending Slide (11)

2023 Year-In-Review: Nykaa’s 2023

Inc42 White & Red
Ending Slide (11)

Explore Nykaa’s 2023 performance in detail here:

Inc42 White & Red