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Nykaa anticipates strong beauty and fashion growth in Q1

Nykaa has commenced the fiscal year 2026 on a positive note, with expectations of consolidated net revenue growth for the first quarter of FY26 landing at the lower end of the mid-twenties percentage range. Gross merchandise value (GMV) growth is projected to be even higher, surpassing the mid-twenties, indicating sustained momentum over several quarters for the e-commerce giant.

Nykaa's core Beauty vertical is anticipated to achieve GMV growth in the higher mid-twenties. This positive performance comes despite some disruption caused by geo-political tensions, which led to softer consumer sentiment during the first quarter flagship sale and resulted in a minor loss of business.

The strong growth in the Beauty segment was fuelled by performance across all its channels, including the e-commerce platform, retail stores, eB2B distribution, and the House of Nykaa brands. The House of Nykaa brands, encompassing both homegrown and acquired labels, continued its accelerated growth trajectory with strong contributions. Consequently, the Beauty vertical's net revenue is expected to grow in the mid-twenties, consistent with previous quarters.

The Fashion vertical at Nykaa is also showing significant improvement, with GMV growth expected to reach the mid-twenties. This marks a strong enhancement compared to prior quarters, driven by increasing traction in the core platform business, supported by an expanding product assortment and effective customer acquisition strategies. While GMV growth is strong, the Fashion vertical's net revenue growth is projected to improve sequentially to the mid-teens, though it will remain lower than its GMV growth.

Over the years, Nykaa has diversified its offerings beyond beauty to include fashion and B2B segments, launching platforms such as Nykaa Fashion, Nykaa Man, and Nykaa Superstore. The company has also expanded its international presence with the launch of 'Nysaa,' an omnichannel beauty offering in the Middle East. Nykaa has consistently captivated consumers, serving 42 million customers through its online platforms and operating 237 offline beauty destinations as of March 31, 2025.


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