6 Key Moments That Define Nykaa’s 2023

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

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

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

Net Profit Rises

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

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

Top Level Exits

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

Restructuring

2023 Year-In-Review: Nykaa’s 2023

Explore Nykaa’s 2023 performance in detail here: