THE WHAT? Nykaa has announced its results for the quarter and full year ended March 31, 2024. The Indian retailer saw revenue from operations rise 28 percent yoy in the final three months of the financial year to Rs16,680 million while adjusted EBITDA soared 56 percent yoy to Rs1,122 million.

THE DETAILS The FSN ventures-owned retailer reported a strong growth uptick across all verticals, with Beauty and Personal Care GMV increasing 25 percent yoy in FY24 and Fashion leaping 27 percent yoy.

Among the quarter’s highlights was an exclusive partnership with Fenty Beauty – one of Nykaa;s buggest launches to dates with a reach of more than 100 million as well as the debut of its flagship luxury store format, Nykaa Luxe, in Mumbai.

THE WHY? Nykaa said that India is becoming a priority market for global beauty companies and, as their trusted partner on the ground, it is well placed to benefit from the country’s booming beauty sector. Key levers have been investment in new customer acquisition as well as strong growth in core categories, such as skin care, hair care and a revival in color. Meanwhile, emerging categories such as fragrances and bath and body are growing faster than the platform average.