FSN E-Commerce Ventures Limited Quarter and Financial year ended March 31, 2022 – Result
Mumbai, India, May 27, 2022: Digitally native lifestyle retailer FSN E-Commerce Ventures Limited (referred
as “Nykaa” or the “Company”), today announced its financial results for the quarter and financial year
ended March 31, 2022.
A. Consolidated financial highlights for FY2022 and Q4 FY2022:
Nykaa has experienced overall strong performance in FY2022 amidst various macro-economic challenges
such as rising inflation, reduction in discretionary spends by consumers, and uncertainty around Covid-19.
• GMV grew 71% YoY to ₹ 69,332 million in FY2022 and grew 45% YoY to ₹ 17,979 million in Q4
• Revenue from Operations grew 55% YoY to ₹ 37,739 million in FY2022 and grew 31% in Q4 FY2022
to ₹ 9,733 million
• Gross Profit grew 73% YoY to ₹ 16,439 million in FY2022 and grew 40% YoY to ₹ 4,253 million in
• EBITDA was ₹ 1,633 million in FY2022, grew by 4% YoY. EBITDA margin as % of Revenue from
Operations declined to 4.3% in FY2022 vs 6.4% in FY2021, owing to investment in Fashion and
Other Businesses for future growth
• Profit after Tax was ₹ 413 million in FY2022, a decline of 33%
B. Beauty and Personal Care (BPC): Strong performance ahead of market
• GMV grew 49% YoY to ₹ 49,987 million in FY2022 and grew 29% YoY to ₹ 12,485 million in Q4
• Annual Unique Transacting customers grew 49% YoY to 8.4 million as of March 31, 2022
• BPC witnessed strong customer acquisition with new customers growing at 49% YoY to 4.4 million
and improved customer retention with existing customers contributing to 73% of the GMV in FY2022
• BPC EBITDA margins have sustained in FY2022 despite elevated marketing cost during the year
C. Fashion: Scaling in a highly competitive environment
• GMV grew 168% YoY to ₹ 17,516 million in FY2022 and grew 84% YoY to ₹ 4,827 million in Q4
• Fashion GMV contributed 25.3% to Consolidated GMV in FY2022
• Annual Unique Transacting customers grew 182% YoY to 1.8 million as of March 31, 2022 with
strong customer acquisition of 1.6 million in FY2022
Press Release May 27, 2022
D. Others: Investment into the future
• Nykaa has invested in future growth engines for greater diversification in lifestyle categories as well
as vertically integrating across the value chain
• Others include our new businesses NykaaMan, eB2B platform SuperStore by Nykaa, International
and new brand acquisitions
• Others GMV was ₹ 1,829 million contributing to 2.6% in the Consolidated GMV in FY2022
• SuperStore by Nykaa has 18,000+ transacting retailers across 300+ cities with 130+ brands listed
as of March 31, 2022
Key Business Highlights:
• Nykaa has launched “SuperStore by Nykaa”, an eB2B platform bringing Beauty and Personal Care
access and expertise to underserved channels and markets using technology. Catering to retailers
such as beauty stores, pharmacies, salons and kirana stores across India, SuperStore aims to support
and empower them to offer the best of the Beauty and Personal Care products to their customers.
• Nykaa Beauty expanded its international brands portfolio by launching Sol de Janeiro, Morphe,
Nuxe, Elemis, 111Skin, Nudestix, bringing the best of global beauty to India – across premium and
luxe categories. Nykaa Fashion launched The Global Store by bringing the best of international
brands directly to Indian consumers such as NA-KD, Missguided and Oxxo.
• With the return of customers to physical retail, Nykaa accelerated store expansion this year, with 32
new physical stores across the country including stores in Tier 2/3 cities. Our total operational physical
store count was 105 as of March 31, 2022 in 49 cities with GMV growth of 72% YoY in FY2022.
• Nykaa continues to ensure access and timely delivery for customers across the length and breadth
of the country. It expanded warehouse storage space by 2.4 lakh square feet, growth of 40% YoY,
in FY2022. Our total warehouse capacity as of March 31, 2022 is 8.2 lakh square feet across 23
warehouses in 11 cities.
• Nykaa strengthened its partnership with ELCA Cosmetics Private Limited with the launch of
Aveda X Nykaa unisex salons in India, offering advanced, international, high performance and 100%
vegan premium hair services to Indian consumers.
• In FY2022, our flagship sales, Hot Pink and Pink Friday, witnessed their biggest editions. During
the sales, Nykaa enabled interesting formats to engage consumers – such as Watch & Buy
livestreams (live commerce) – an interactive, entertaining gamified shopping format as part of which
special deals were unveiled, valid exclusively during the livestreaming session. In the year, we also
introduced our third flagship sale, Nykaa Summer Super Saver Days.
• Nykaa introduced L’Oréal’s advanced, AI-powered virtual try-on technology to offer an enhanced
beauty experience to shoppers. Leveraging an advanced face tracker algorithm that applies virtual
cosmetics, to give a real-time, true-to-life view of the products on the Nykaa app.
• Nykaa launched campaign Tum Hi Ho Nykaa, a brand film celebrating women who scripted their own
life stories through a montage of six stories of everyday women, reiterating Nykaa’s promise of being
a true supporter of self-expression and empowerment, broadcast across TV, OTT and social
• Nykaa Fashion launched its first TV campaign For Nakhrewalis, By Nakhrewalis, starring its first
brand ambassador Alaya F, portrayed the quintessential Nykaa Fashion shopper who seeks choice
and curation when it comes to fashion and loves to express her mood with her style.
Press Release May 27, 2022
• Nykaa acquired 51% stake in Dot & Key Wellness Private Limited (“Dot & Key”) in September 2021.
This was the first D2C (direct to consumer) beauty brand acquired by Nykaa, allowing the company
to expand its skincare, personal care and nutraceuticals owned portfolio. Founded by Suyash Saraf
and Anisha Saraf, Dot & Key is a new age brand that offers premium skincare products such as
serums, face masks, toners and cleansers.
• Nykaa picked a minority stake in Earth Rhythm, a science-focused beauty brand launched in 2015
by Harini Sivakumar. Earth Rhythm’s active focus on research-based and results-oriented products
has earned it credentials as a sustainable and inclusive brand amongst Indian beauty consumers.
Nykaa’s investment in Earth Rhythm reinforces the potential of the brand and addresses a growing
market for products that are committed to efficacy as well as the planet.
• By acquiring Kica, Nykaa has expanded its activewear portfolio which already houses its own
consumer brand, Nykd All Day. Kica was founded by Aneesha Labroo in 2017, to bridge the gap
between stylish, high-quality products at an affordable price. Through this acquisition, Nykaa aims to
connect with the growing active-wear community of athletes and everyday fitness seekers with greater
variety and curation in this category.
• Lastly, in a joint venture with Onesto Labs, Nykaa is venturing into nutricosmetics to unlock a new
but high-potential category of edible beauty in India. Onesto Labs, founded in 2018 by Rohit Chawla,
Sifat Khurana, and Vimal Bhola has made its mark in the beauty D2C space via science-forward
brands such as Chemist at Play and Bare Anatomy. Nykaa and Onesto Labs have joined hands owing
to the latter’s expertise in creating ingredient-conscious products, a vital prerequisite in
FY2022 performance, Falguni Nayar, Executive Chairperson, MD, and CEO, said:
The year has witnessed a challenging macroeconomic environment, pronounced for discretionary categories
like beauty, personal care and fashion. Despite market slowdown, our unique growth story continues,
showing the resilience of our business model and long term sustainability by balancing strong revenue
growth, responsible unit economics and profitability. We acquired over 6 million new customers across beauty
and fashion, and witnessed superior customer retention, with improved metrics across the funnel – from visits
We have expanded our addressable market through new growth engines – speciality retail stores, Nykaa
Man, and SuperStore. These businesses, along with our consumer brands portfolio have witnessed
increasing momentum through the year. Our consumer brands have recently seen expansion into wellness,
activewear and personal care through purpose driven brand acquisitions. We deeply value our shareholders’
faith in us and hold their capital in highest regard. Our investments are always made in getting the building
blocks right – such as tech platform, customer experience, assortment – and growing our new and early stage
businesses in a sustainable manner with a long term focus