The company announced strategic advancements in beauty and fashion with new collaborations, 200 stores and tech-driven solutions
Nykaa held its 12th Annual General Meeting (AGM) on September 18, 2024, where the company showcased strong growth and enhanced profitability. The AGM report highlighted a year-on-year growth of 28 per cent in Gross Merchandise Value (GMV), amounting to Rs 12,446 crores for FY24. Revenues grew by 24 per cent, reaching Rs 6,386 crores, with EBITDA margins improving by 44 basis points year-over-year. The company’s cumulative customer base has expanded to 3.3 crore, with over 170 crore visits to its platform.
Nykaa’s presence in the beauty and fashion market remains robust, with over 6,700 brands listed and 200 beauty stores spread across 72 cities. The company continues to solidify its position as India’s leading online beauty retailer, holding over a 30 per cent share of the online beauty market. Nykaa also commands a 15-18 per cent share of the online premium fashion market, with significant growth in categories such as accessories and women’s apparel.
The AGM emphasised the company’s continued efforts to diversify its portfolio and expand its omnichannel capabilities. Nykaa reported key product launches in the beauty segment, including collaborations with renowned international brands such as Fenty Beauty, Urban Decay and Colourpop. Nykaa has also expanded its stake in Indian skincare brand Dot & Key to 90 per cent.
Furthermore, Nykaa announced plans to strengthen its physical retail footprint, achieving the milestone of 200 stores nationwide. The company also launched experiential luxury stores and has enhanced its logistics capabilities by introducing same-day and next-day delivery services across major cities in India.
Nykaa also expressed that focus on technology-driven solutions remains a cornerstone of its strategy, with the implementation of machine learning for personalised customer experiences and ad-tech services for brands.
