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Business News/ Markets / Stock Markets/  Nykaa to now compete with Page Industries in men's innerwear, shares surge

Shares of Nykaa surged more than 4% to 1,455 apiece on the BSE in Thursday's early deals after the company said it has expanded into men’s innerwear and athleisure category with GLOOT.

By expanding into the men's innerwear category, Nykaa will now compete with listed player Page Industries, which is involved in manufacturing and retailing innerwear, and has the exclusive licensee of Jockey International in India.

“With this new brand, Nykaa Fashion aims to redefine an oft-ignored space when it comes to men’s requirements by combining comfort and technology in a way that is kind to the planet. The underwear range starts from 499 & athleisure from 899," it said in the exchange filing.

“With Gloot, we have infused technology into innerwear and casual wear which results in the ultimate comfort for men. Gloot is a highly intelligent tech creation that will solve all the usual concerns consumers have with underwear. All in all, 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 to the gym," said Preeti Gupta, Chief Business Officer, Nykaa Fashion.

Shares of FSN E-Commerce Ventures Ltd, the parent company of Nykaa, have fallen nearly 37% since its listing in November last year, amid the broader market mayhem, which has weighed more on stocks of technology companies as interest rates are set to inch up across the world. Though, Nykaa shares are up over 28% gains from its IPO issue price of 1,125 apiece.

FSN E-Commerce reported a decline of about 57% in its consolidated profit to 7.57 crore for the fourth quarter ended March 2022, mainly account of new investments. The company had registered a profit of 17.9 crore in the same period a year ago. Revenue from operations of Nykaa increased by 31% to 973 crore during the reported quarter, from 740.5 crore in the year-ago period.

The gross merchandise value (GMV) in beauty and personal care vertical grew by 29% to 1,248.5 crore in the March 2022 quarter from 964.5 crore a year ago. The fashion vertical recorded 84% growth during the quarter to 482.7 crore from 262 crore earlier.

Nykaa Fashion is the multi-brand e-commerce fashion offering from Nykaa with SKUs across Women, Men, Kids, Luxe and Home categories.

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Updated: 07 Jul 2022, 11:26 AM IST
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