FSN E-Comm. Ventur.

** Shares of India's FSN E-Commerce FSNE.NS rise 2.32% to 317.5 rupees, highest since February 2022

** Nykaa parent on Sunday said consolidated gross merchandise value and net sales value expected to grow by ~30% in Q1 FY27 y/y

** Beauty vertical NSV pct growth expected to be in "late twenties" y/y, said co

** Fashion vertical NSV pct growth expected to be in "mid-fifties" y/y, reaching multi-quarter high - FSNE

** Morgan Stanley ("overweight", PT 321 rupees) says increase in growth augurs well for stock; margins key to monitor during earnings

** FSNE on avg rated "hold", median PT is 315 rupees - data compiled by LSEG

** Stock up 19.4% YTD

(Reporting by Abhirami G in Bengaluru)

(([email protected]))

Nykaa parent FSN E-Commerce Ventures issued a voluntary revenue update for the quarter ended June 2026, projecting consolidated net revenue growth near 30%, the strongest in several quarters. The company said its fashion vertical's net sales value is expected to surge in the mid-fifties percent range year-on-year, a sharp acceleration from previous quarters, helped by the new Nike digital commerce partnership and improved assortment. Beauty net revenue is forecast to grow in the late twenties, supported by own-brand labels such as Kay Beauty and Dot & Key. The update, which is provisional and subject to auditor review, sent shares higher in morning trade.

Powered by Tijori

** HDFC Securities says Nykaa FSNE.NS FY30 ambitions look overly aggressive and difficult to deliver

** Brokerage maintains "sell" rating on parent FSN E-Commerce Ventures' stock with a PT of 220 rupees

** Expects slower growth than guidance in core beauty business, while also flagging execution risks in fashion, where management is targeting 32–37% growth and high-single-digit margins,

** Calls assumptions around customer adds and cost cuts optimistic, and flags likely moderation in in-house brand momentum

** Adds, planned margin expansion may be hard to achieve without hurting growth, especially given high marketing and fulfillment costs

** Rich valuations and rising competition further underpin the cautious stance - HDFC Securities

** Avg rating of 23 analysts on FSNE at "hold"; median PT is 317 rupees - LSEG-compiled data

** Stock up 0.4% on Tuesday, taking YTD gains to 15.2%

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

** Shares of Nykaa FSNE.NS climb 1.2% to 305.70 rupees

** Analysts highlight strong long-term growth visibility and improving profitability after the company's shareholder meeting

** CLSA says scale, personalisation and AI are improving conversion and strengthening its competitive moat

** Investec highlights stronger-than-expected EBITDA outlook and premiumisation tailwinds

** Citi sees FY30 EBITDA rising 4–5x, implying ~45% CAGR, ahead of its estimates

** Brokerages say key drivers include the company's premiumisation, entry into wellness portfolio, faster delivery and rising ad income

** However, they caution elevated valuations could cap upside despite strong structural growth outlook

** Avg rating of 23 analysts on FSNE at "hold"; median PT is 315 rupees - LSEG-compiled data

** YTD, Nykaa stock gains ~15%

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

** India's beauty and fashion retailer Nykaa FSNE.NS aims to exceed $5 billion in gross merchandise value (GMV) by fiscal 2030

** Shares rise 1.5% to 302.65 rupees, hitting a more than four-year high

MARGIN EXPANSION KEY DRIVER

** Nomura ("buy," PT: 317 rupees) says Nykaa likely to sustain strong growth with margin expansion "through its trusted platform, content ecosystem and owned brands, enabling it to capture a disproportionate share of premium lifestyle spending,"
** Jefferies ("buy," PT: 350 rupees) expects margins to rise to high single digits by FY30 and exceed 10% over the long term, driven by curated premium assortment, expanding brand portfolio, and partnerships with global brands

** BofA Global Research ("neutral," PT: 315 rupees) says increased spending by competitors will expand the overall beauty products market, which will also benefit Nykaa

** Macquarie ("underperform," PT: 210 rupees) says slow pace of acceleration in rest-of-beauty GMV growth momentum implied in co's guidance remains a concern

(Reporting by Abhinav Parmar in Bengaluru)

(([email protected];))

FSN E-Commerce Ventures, owner of Nykaa, announced at its annual investor day that it has been managing Nike's digital commerce platforms in India since February 2026, taking over end-to-end operations for the sportswear giant's online business in the country. The company also set a target to more than double its gross merchandise value to over $5 billion by the financial year ending March 2030, up from roughly $2 billion in FY26. Nykaa plans to expand its beauty retail store network from 313 to about 600 stores and aims for its B2B wholesale platform, Superstore, to reach ₹3,500 crore in GMV and achieve breakeven by FY30. The presentation detailed a three-pillar AI strategy focused on a unified data platform, reimagined customer experiences, and enterprise-wide AI adoption. Nykaa's beauty segment targets a customer base of 100 million by FY30, up from 45 million, with a focus on Gen Z and tier-2 cities. The company also highlighted its partnership with OpenAI to develop AI-led shopping experiences and noted that its House of Nykaa own-brand portfolio, led by Dot & Key, crossed ₹1,700 crore in net sales value.

Powered by Tijori

Updates with details from investor presentation

June 18 (Reuters) - India's beauty and fashion retailer Nykaa FSNE.NS said on Thursday it aims to exceed $5 billion in gross merchandise value (GMV) by fiscal 2030, as it bets on rising discretionary spending.

Here are the details:

• The company expects revenue to grow around twofold to threefold by the year ended March 2030, it said in its investor presentation

• This will translate into four to five times the growth in earnings before interest, taxes, depreciation and amortisation (EBITDA), with margins expanding to the low-to-mid teens, it added

• Nykaa aims to double or triple the GMV from its beauty business by fiscal 2030 from the 150 billion rupees ($1.59 billion) it logged in fiscal 2026

• It also plans to expand its retail store network to more than 600 outlets from its current count of 313 stores across 99 cities

• It is targeting an increase of three to 3-1/2 times the growth in fashion merchandise sales by fiscal 2030 as well as hitting high single-digit EBITDA margins

• On Wednesday, UBS analysts said Nykaa delivered more than 25% growth in merchandise sales, improved its beauty and personal care margins, and turned its fashion business EBITDA positive despite concerns over the macro environment and competition

• Last month, Nykaa reported its highest-ever quarterly profit since its 2021 public listing, with its core beauty business posting 27% sales growth and its fashion business breaking even at the EBITDA level

($1 = 94.2650 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru; Editing by Janane Venkatraman)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

June 4 (Reuters) - Fsn E-Commerce Ventures Ltd FSNE.NS:

• NYKAA PARTNERS WITH RARE BEAUTY FOR INDIA LAUNCH - STATEMENT

Source text: [ID:]

Further company coverage: FSNE.NS

(([email protected];;))

Adds details and context on the sector throughout

By Kashish Tandon

May 21 (Reuters) - India's Nykaa FSNE.NS on Thursday reported its highest ever quarterly profit since listing in 2021, as the beauty retailer leans into premium offerings and higher-margin in-house brands.

Nykaa, formally known as FSN E-Commerce Ventures, posted a profit of 783.8 million rupees ($8.2 million) for the fourth quarter ended March 31, nearly quadrupling from a year earlier and also marking its strongest profit growth since the IPO.

The results reflect the company's renewed focus on profitability from its growth-at-all-costs approach during its nascent years.

For the quarter, Nykaa's core beauty business remained the primary growth and profit engine, delivering a 27% growth in sales.

Anchit Nayar, CEO of the firm's beauty unit, attributed the growth to strong traffic and the investments into bringing new visitors to the platform. That is leading to very strong conversion as well as unique transacting customers who are placing multiple orders in the year, he added.

The company's overall EBITDA margin expanded to 8.4% in the quarter, also the highest on record, from 6.5% a year earlier.

Meanwhile, the fashion vertical - usually a drag on earnings - showed signs of a turnaround, with EBITDA margins breaking even in the March quarter from deep losses a year earlier, helped by faster revenue growth and tighter cost discipline.

Nykaa's total revenue rose 28.4% to 26.48 billion rupees in the quarter.

For the full year ended March 31, its gross merchandise value jumped 28% to 199.63 billion rupees.

Nykaa has also been increasingly banking on its portfolio of owned labels, or "House of Nykaa", to lift margins. That segment grew 49% year-on-year in sales value for the fiscal year, buoyed by strong traction in brands such as Dot & Key and Kay Beauty.

($1 = 96.2000 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Janane Venkatraman)

(([email protected]; 8800437922;))

Repeats story published on May 6. No change to text

By Aditya Kalra

NEW DELHI, May 6 (Reuters) - India's Zee Entertainment ZEE.NS has sued the Reliance-Disney joint venture, the country's biggest entertainment company, alleging it used Zee's copyrighted music after licence agreements expired, court documents show.

Zee is seeking $3 million in damages, alleging unauthorised use and exploitation of works from its music division on the Reliance-Disney streaming platform and some of its TV channels, according to previously unreported court papers seen by Reuters.

The lawsuit, filed in New Delhi and reported by Reuters for the first time, marks the latest legal clash between Zee and the group formed from Reliance and Disney's $8.5 billion merger in 2024. The dispute underscores rising tensions over content rights as India's streaming and broadcast market consolidates.

Zee and JioStar, the name of the Reliance-Disney venture led by Indian billionaire Mukesh Ambani's Reliance RELI.NS, declined to comment.

Zee and Reliance are also locked in arbitration in London, where Reliance is seeking $1 billion in damages from Zee for quitting a cricket licensing deal in 2024. Zee denies any wrongdoing and is contesting the demand.

In its 1,800-page lawsuit filed on April 14, Zee alleges that Reliance-Disney used its music at least 50 times after certain licensing agreements expired in 2024 and 2025 and were not renewed due to disagreements over commercial terms.

"The illegal exploitation thereof amounted to copyright infringement," Zee said in the filing, asking the court to stop any ongoing infringements of its music works.

JioStar owns a library of thousands of shows and broadcast rights for top sporting events across its TV channels and its streaming app JioHotstar, India's biggest with about 500 million monthly users.

Zee, one of India's oldest media groups, also has several TV channels and a streaming app, and says it owns a catalogue of more than 19,450 songs in 17 languages.

RELIANCE REJECTED DAMAGES DEMAND

The case was briefly heard on Tuesday, when the judge asked JioStar to ensure there is no ongoing infringement of Zee's works on its platforms while the matter is heard, and to comply within 15 days, according to a source with direct knowledge.

The next hearing is scheduled for July 23.

The lawsuit comes amid Zee's broader push against what it says is abuse of its music catalogue. Reuters reported on Tuesday that Zee has sued fashion-to-beauty retailer Nykaa FSNE.NS, alleging it used Zee's copyrighted songs in Instagram reels to promote products, and is seeking $210,000 in damages.

In the case against JioStar, Zee says its music was infringed across music and dance shows that appeared on TV and the streaming platform.

Court papers show Zee and JioStar have held discussions in recent months and exchanged several letters and legal notices over the disputed use of music.

In December, JioStar told Zee it had "taken extensive steps to remove any infringing content across its portfolio", including legacy programming.

However, it said residual and passive archival hosting did not amount to infringement or unlawful communication, a position Zee disputes, the documents show.

JioStar "categorically rejects" the "coercive demands" for damages, it said in a letter dated March 16, adding that it "remains open to an amicable and commercially sensible solution".

(Reporting by Aditya Kalra; Additional reporting by Munsif Vengattil and Arpan Chaturvedi; Editing by Mark Potter)

((Email: [email protected]; X: @adityakalra;))

Removes extraneous million next to $1 billion figure in paragraph 5

By Aditya Kalra

NEW DELHI, May 6 (Reuters) - India's Zee Entertainment ZEE.NS has sued the Reliance-Disney joint venture, the country's biggest entertainment company, alleging it used Zee's copyrighted music after licence agreements expired, court documents show.

Zee is seeking $3 million in damages, alleging unauthorised use and exploitation of works from its music division on the Reliance-Disney streaming platform and some of its TV channels, according to previously unreported court papers seen by Reuters.

The lawsuit, filed in New Delhi and reported by Reuters for the first time, marks the latest legal clash between Zee and the group formed from Reliance and Disney's $8.5 billion merger in 2024. The dispute underscores rising tensions over content rights as India's streaming and broadcast market consolidates.

Zee and JioStar, the name of the Reliance-Disney venture led by Indian billionaire Mukesh Ambani's Reliance RELI.NS, declined to comment.

Zee and Reliance are also locked in arbitration in London, where Reliance is seeking $1 billion in damages from Zee for quitting a cricket licensing deal in 2024. Zee denies any wrongdoing and is contesting the demand.

In its 1,800-page lawsuit filed on April 14, Zee alleges that Reliance-Disney used its music at least 50 times after certain licensing agreements expired in 2024 and 2025 and were not renewed due to disagreements over commercial terms.

"The illegal exploitation thereof amounted to copyright infringement," Zee said in the filing, asking the court to stop any ongoing infringements of its music works.

JioStar owns a library of thousands of shows and broadcast rights for top sporting events across its TV channels and its streaming app JioHotstar, India's biggest with about 500 million monthly users.

Zee, one of India's oldest media groups, also has several TV channels and a streaming app, and says it owns a catalogue of more than 19,450 songs in 17 languages.

RELIANCE REJECTED DAMAGES DEMAND

The case was briefly heard on Tuesday, when the judge asked JioStar to ensure there is no ongoing infringement of Zee's works on its platforms while the matter is heard, and to comply within 15 days, according to a source with direct knowledge.

The next hearing is scheduled for July 23.

The lawsuit comes amid Zee's broader push against what it says is abuse of its music catalogue. Reuters reported on Tuesday that Zee has sued fashion-to-beauty retailer Nykaa FSNE.NS, alleging it used Zee's copyrighted songs in Instagram reels to promote products, and is seeking $210,000 in damages.

In the case against JioStar, Zee says its music was infringed across music and dance shows that appeared on TV and the streaming platform.

Court papers show Zee and JioStar have held discussions in recent months and exchanged several letters and legal notices over the disputed use of music.

In December, JioStar told Zee it had "taken extensive steps to remove any infringing content across its portfolio", including legacy programming.

However, it said residual and passive archival hosting did not amount to infringement or unlawful communication, a position Zee disputes, the documents show.

JioStar "categorically rejects" the "coercive demands" for damages, it said in a letter dated March 16, adding that it "remains open to an amicable and commercially sensible solution".

(Reporting by Aditya Kalra. Additional reporting by Munsif Vengattil and Arpan Chaturvedi. Editing by Mark Potter)

((Email: [email protected]; X: @adityakalra;))

Adds details and background of lawsuit, lawyer comment from paragraphs 8-12

By Aditya Kalra and Arpan Chaturvedi

NEW DELHI, May 5 (Reuters) - India's Zee Entertainment ZEE.NS has sued fashion-to-beauty retailer Nykaa FSNE.NS for allegedly using its copyrighted songs in Instagram reels to promote its products, seeking $210,000 in damages, previously unreported court documents show.

In an April 3 lawsuit filed in the Delhi High Court, Zee argued it has a licensing agreement with Meta Platforms META.O that allows individuals to use its music in Instagram posts for non-commercial use, but said Nykaa had used several of Zee's copyrighted songs in reels to promote products to millions of followers.

The lawsuit documents are not public but were reviewed by Reuters. Nykaa and Zee both declined to comment on the lawsuit.

Short-video formats have become a key advertising tool for brands on social media platforms like Meta's Instagram, often featuring popular Hindi songs as background music.

TWELVE FLAGGED LINKS TAKEN DOWN

Zee listed 12 Instagram reels in its lawsuit, along with screenshots, where Nykaa allegedly used Zee's licensed music to promote its products in social media posts.

In a brief hearing on Thursday, Nykaa's lawyer told the court that the 12 flagged links had been taken down, according to a court order which has not previously been reported.

Nykaa allegedly used the music "without securing any permissions/authorisations from" Zee, according to the over 900-page lawsuit.

Zee has asked the court to award 20 million rupees ($209,742) as compensation over Nykaa's illegal use of its music, the lawsuit said.

Zee and Nykaa are big listed players in their respective sectors in India, and legal experts said the case could have wider implications.

"Marketing departments often use content available on music libraries without reading the fine print of the Instagram terms" and the decision should "provide much-needed clarity," said Aditya Gupta, a partner at India's Ira Law.

The case will next be heard on May 26.

(Reporting by Arpan Chaturvedi; Editing by Bernadette Baum)

(([email protected];))

April 7 (Reuters) - ** Beauty retailer Nykaa expects net revenue to rise in late-20% range in Q4FY26, its fastest in three years

** Nykaa parent FSN E-Commerce Ventures FSNE.NS shares down 2% at 247.45 rupees on Tuesday

FASTER GROWTH MEETS VALUATION WORRIES

** BofA Global Research ("underperform", PT: 220 rupees) says data suggests Nykaa's momentum in both beauty and fashion businesses remains steady with limited competitive intensity uptake

** "We reiterate underperform rating on Nykaa primarily due to expensive valuation" - BofA

** Citi ("sell," PT: 215 rupees) says consumer internet and discretionary stocks trade at 30–45x FY28 EV/EBITDA and values Nykaa near top of the range due to faster growth, higher margins

** Investec ("hold," PT: $271) says while Nykaa's performance continues to impress, valuations continue to remain elevated, leaving limited upside

(Reporting by Abhinav Parmar in Bengaluru)

(([email protected];))

April 6 (Reuters) - Fsn E-Commerce Ventures Ltd FSNE.NS:

• NET REVENUE FOR FY2026 IS EXPECTED TO IMPROVE TO UPPER END OF MID-TWENTIES

Source text: ID:nNSE1B2Dt

Further company coverage: FSNE.NS

(([email protected];;))

March 4 (Reuters) - AmorePacific Corp 090430.KS:

• NYKAA LAUNCHES ILLIYOON STRENGTHENING STRATEGIC TIES WITH AMOREPACIFIC - STATEMENT

Source text: [ID:]

Further company coverage: 090430.KS

(([email protected];))

**Shares of Indian fashion-to-beauty retailer Nykaa NYKA.NS up 4% to 268.52 rupees

**Co, formally known as FSN E-Commerce Ventures posted a more than two-fold rise is Q3 consol profit to 633.1 million rupees

**Jefferies ("Buy"; PT: 315 rupees) says co reported an exceptional result at a time when several firms across consumption categories have blamed tough macro, GST rollout and shift in festive season for a weak Q3 performance

**Goldman Sachs ("Neutral"; PT: 240 rupees) says encouraged by co's ability to fend off competition, partly due to its own timely pivot to quick deliveries; forecasts revenue growth at CAGR of 24% from FY26E to FY28E

**Stock rated as "Hold" on average by 23 analysts; median PT at 260 rupees as per data compiled by LSEG

**More than 14.2 million shares change hands vs 30 day avg of 5.6 million shares

**Stock rose 61.9% in 2025 and YTD up 8.1%

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

Feb 5 (Reuters) - Fsn E-Commerce Ventures Ltd FSNE.NS:

• FSN E-COMMERCE VENTURES Q3 CONSOL NET PROFIT 633.1 MILLION RUPEES

• FSN E-COMMERCE VENTURES Q3 CONSOL REVENUE FROM OPERATIONS 28.73 BILLION RUPEES

Further company coverage: FSNE.NS

(([email protected];))

** Nykaa parent FSN E-Commerce Ventures FSNE.NS climbs 2.4% to 245.59 rupees

** The beauty e-tailer says growth accelerated in Q2; GMV - gross merchandise value - is expected to rise to thirties from mid-twenties in last few quarters

** Says beauty business saw strong growth from Dot & Key skincare brand acquisition as well as from home brands Kay Beauty and Nykaa Cosmetics

** Adds that consol net revenue growth is expected to be in mid-twenties in Q2 on festive demand boost

** Stock rated "hold" on avg, median PT at 223.49 rupees - data compiled by LSEG

** YTD, stock up ~55%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Corrects paragraph 2 to say comments were in a report

By Praveen Paramasivam

CHENNAI, Aug 21 (Reuters) - From Japan's Shiseido 4911.T to France's L'Oreal OREP.PA, global cosmetics giants are doubling down on India, betting on the world's most populous nation as a key growth market for premium offerings while sales slow in developed economies.

India's luxury beauty market is expected to quintuple to $4 billion by 2035 from $800 million in 2023, driven by its young, affluent, social-media savvy shoppers with rising disposable incomes, consulting firm Kearney and luxury beauty distributor LUXASIA said in a report.

Luxury beauty makes up just 4% of the $21-billion beauty and personal care market, compared with 8% to 24% across top Southeast Asian countries and 25% to 48% in developed markets including China and the United States.

That means there is plenty of room for growth.

"India is the last bastion of growth for premium beauty," said Sameer Jindal, managing director for investment bank Houlihan Lokey's corporate finance business in India.

"The Indian consumer is willing to experiment and try out new things."

U.S. beauty giant Estee Lauder EL.N, home to the brands Clinique and MAC, expects a strong runway for expansion and long-term growth in India, even as it grapples with soft sales in the Americas and Asia-Pacific.

"India today, within the Estee Lauder network, is looked at as one of the priority emerging markets," said country general manager Rohan Vaziralli, highlighting plans to initially target 60 million women in the nation of more than 1.4 billion.

Homemaker R. Priyanka, based in the southern city of Chennai, said she was thrilled to have better access to Estee Lauder's Jo Malone London fragrance in India, as a benefit of the companies' efforts.

"It is easier than asking someone (abroad) to get it for you every time," she added.

While global beauty brands might have to modify some of their products for India, which bakes in sultry temperatures in summer and oppressive humidity at other times, they face little competition from homegrown brands.

Kearney and LUXASIA identified only Forest Essentials and Kama Ayurveda as their major rivals, underscoring how domestic brands make up less than a tenth of luxury beauty sales.

In the more established markets of China, Japan and South Korea by comparison, domestic brands account for a 40% share.

"There is, of course, a premium perception gap between globally established brands and Indian brands," said Devangshu Dutta, founder of retail consultancy Third Eyesight.

Global beauty giants' huge marketing budgets also give them an edge over domestic brands, other industry watchers said.

WOOING INDIAN SHOPPERS

Estee Lauder is studying online sales patterns to identify the smaller cities to target, such as Siliguri in West Bengal state, partnering with designers such as Sabyasachi Mukherjee, and launching products such as kohl, an eyeliner Indians favour.

It has also invested in Forest Essentials, a brand with herbal ingredients, and in a programme offering funding to domestic beauty start-ups.

This year France's L'Oreal said it was investing more in India and tapping into the "elevated beauty desires" of the nation's young, digitally savvy, empowered women shoppers to drive growth. It declined further comment.

South Korea's Amorepacific 090430.KS, known for brands such as Innisfree and Etude, is trying to leverage the Korean beauty craze in India with products geared to the market.

These include items for the popular "cleanser, serum, moisturiser, and sunscreen" beauty regimen, the country head, Paul Lee, said.

Japan's Shiseido, with a history of more than 150 years, brought its NARS brand to Indian beauty retailer Nykaa's FSNE.NS website this year, and plans to step up growth of its brands in the subcontinent.

Global brands are very excited about India, where consumers are splurging more to stay on top of trends such as "cherry makeup", Nykaa co-founder Adwaita Nayar said, referring to a look featuring flushed cheeks, glossy lips, and soft pink eyes.

Amazon AMZN.O, which has also been seeing a big boom in beauty demand in India, aims to identify emerging global trends and bring in more brands, said Siddharth Bhagat, director of beauty and fashion at the e-commerce company in India.

Retailer Shoppers Stop SHOP.NS, which also pioneers foreign labels, plans to open 15 to 20 beauty stores in each of the next three years to boost its revenue from the segment to a quarter from less than a fifth now, its beauty business CEO Biju Kassim said.

(Reporting by Praveen Paramasivam in Chennai; Editing by Dhanya Skariachan and Clarence Fernandez)

(([email protected]; +91 867-525-3569;))

** Nykaa's FSNE.NS shares rise 4% to 212.49 rupees

** Beauty products retailer's parent posted Q1 profit that more than doubled Y/Y, rev up 24% Y/Y

** Co says growth driven by reaching more customers across online and offline stores and offering higher-end products

** Jefferies ("buy", PT: 250 rupees) says Nykaa's own brands saw growth in annualised gross merchandise value run-rate, with Nykaa Cosmetics and Kay Beauty "scaling up well"

** Ambit Insights ("buy", PT: 243 rupees) says strong execution in BPC segment and margin improvement on lower losses in Fashion/eB2B should fuel FY25-28E revenue/EBITDA CAGR of 24%/45%

** 22 analysts covering the stock have a "hold" rating on average; median PT is 223.49 rupees - data compiled by LSEG

** Stock extends YTD gains to ~30%

(Reporting by Urvi Dugar)

(([email protected]))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to include updated CNBC-TV18 report in context news.

By Shritama Bose

MUMBAI, July 14 (Reuters Breakingviews) - Indian consumers are shaking a global giant awake. Last Thursday, Unilever ULVR.L named Priya Nair CEO of its local unit to replace Rohit Jawa, who will leave at the end of July after completing less than half of his term. The $150 billion maker of Dove soap is struggling to grow in its second-largest market. The new chief’s biggest task is refreshing the unit's stale business.

The management rejig, which fuelled a 5% surge in Hindustan Unilever’s (HUL) HLL.NS shares on Friday, follows a change of guard at the London-headquartered group and years of weak performance at the Indian unit. Over the past two years, HUL's sales grew just 2%, far behind Nestle NEST.NS which managed 9%. This bleak performance is captured in the Mumbai-listed shares. HUL trades at 52 times the unit’s expected earnings for 2025, lagging Nestle India, which trades at 68 times.

There are multiple reasons for this yawning gap. To start, the owner of the Lakme beauty brand is failing to keep up with homegrown challengers like $7 billion Nykaa NYKA.NS and $1 billion Honasa Consumer’s HONA.NS Mamaearth, which offer more differentiated beauty products to the well-heeled and upwardly mobile Indian consumers. At the lower end of the market, private labels are finding favour with shoppers on a budget. HUL reacted to the trend with a new strategy involving a $311 million acquisition of skincare brand Minimalist in January, among other things, but it needs to do more. It could consider adding Temasek-backed fast-growing packaged snacks maker Haldiram's to complement its portfolio. Introducing global brands like Ben & Jerry's ice cream or Maille condiments would offer an easy refresh of its India shelves too.

A shifting market structure has pulled the rug from under the vaunted distribution model of the Brooke Bond tea maker. Urban Indians are increasingly ordering everything from milk to lipstick through apps like Blinkit, backed by $28 billion food delivery champion Eternal ETEA.NS, which offers 10-minute deliveries and a superior product selection. HUL is yet to update its supply chains to keep up with the speedy replenishment this channel demands. This is a problem given this end of the grocery market is growing 70% annually, per Bernstein.

Nair currently presides over Unilever’s beauty business and is an old India hand. That sets her up nicely to tackle the aforementioned issues. And if she manages to revitalise the business, it will also help the larger Unilever group, which owns 62% of the Indian unit. But given how far Unilever's Indian business is lagging, the cleanup will take time.

Follow Shritama Bose on Linkedin and X.

CONTEXT NEWS

Unilever's Indian unit on July 10 said Priya Nair will take charge as its CEO on August 1. Nair currently serves as president of the London-headquartered company's beauty and wellbeing division.

She will take over from Rohit Jawa, who has held the top role at Hindustan Unilever since June 2023. Jawa will leave the group without completing his five-year tenure as CEO of the unit.

Hindustan Unilever's Mumbai-listed shares rose 5% on July 11, following the announcement.

The unit's chief financial officer, Ritesh Tiwari, is likely to step down from the function and be moved to a global role, CNBC-TV18 reported on July 11, citing unnamed sources. The report was later updated to remove the reference on his move to a global role.

(Editing by Aimee Donnellan; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

** India's Nykaa FSNE.NS falls nearly 5% to 201.5 rupees; on course for biggest daily pct losses in a month

** Banga family, one of the early investors in FSNE, to sell 2% stake for $140.3 million via block deal at 5.5% discount to Wednesday's closing price, per multiple news reports

** FSNE did not immediately respond to a Reuters request for comment

** More than 32 million shares traded, ~3.5x six-month average daily volume

** Harindarpal Singh Banga holds 4.97% stake in FSNE as of quarter ended March, exchange data shows

** Reuters was unable to reach Banga immediately

** YTD, FSNE up 23%

(Reporting by Vivek Kumar M)

(([email protected];))

July 2 (Reuters) - Fsn E-Commerce Ventures Ltd FSNE.NS:

• INDIA'S BANGA FAMILY LOOKS TO SELL 12.84 BILLION RUPEES STAKE IN NYKAA VIA BLOCK DEAL - NDTV PROFIT CITES SOURCES

Source text: [ID:]

Further company coverage: FSNE.NS

(([email protected];;))

** India's Nykaa FSNE.NS, Coromandel International CORF.NS and Adani Energy Solutions ADAI.NS likely to enter MSCI India Standard index in May rebalancing, says JM Financial

** FSNE has high probability of inclusion, while CORF and ADAI have low probabilities

** Thermax THMX.NS likely to be excluded from the index as part of rebalancing

** Index provider MSCI to announce rejig on May 13, post market hours. Changes to be effective from June 3

** Rejig could lead to inflows between $200 million and $270 million each into CORF, FSNE and ADAI

** CORF, FSNE and ADAI up 0.6%, 0.9% and 1.9%, respectively on the day; THMX flat

(Reporting by Vivek Kumar M)

(([email protected];))

** Brokerage UBS upgrades rating on Nykaa FSNE.NS to "buy" from "neutral", cuts PT to 200 rupees from 205 rupees

** Despite challenging macro environment and entry of several well funded competitors, Nykaa has maintained "healthy" revenue growth in core beauty products segment at 20%-25%, UBS says

** Moreover, the beauty products retailer gets only 30% of its order value from top 8 cities and thus disruption from quick commerce is "manageable" - UBS

** Stock down 2% on Friday, set to snap four-session gaining streak

** Avg rating of 22 analysts on Nykaa at "buy"; median PT is 192.12 rupees - data compiled by LSEG

** Stock down 4.2% since it missed Q3 profit estimates in February

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

Feb 10 (Reuters) - Indian retailer Nykaa FSNE.NS reported a 61% surge in quarterly profit on Monday, as the company's marketing investments paid off with more consumers purchasing higher-priced beauty products on its online platform.

Listed as FSN E-Commerce Ventures, Nykaa posted a profit of 261.2 million rupees ($2.99 million) for the quarter ended Dec. 31, according to a regulatory filing.

Nykaa, to cash in on the turbocharged growth in the $28 billion Indian beauty and personal care industry, has been pouring money into marketing and co-developing a celebrity brand called Kay Beauty with Bollywood actor Katrina Kaif.

Nykaa's beauty business, which accounts for more than 90% of its topline, reported a 27% increase in revenue at 20.6 billion rupees in the quarter. The segment sells products from a spate of domestic and international premium brands, such as Estee Lauder EL.N and singer Rihanna's Fenty Beauty.

Total revenue rose 27% to 22.67 billion rupees, counterbalancing a 26% marketing cost-led jump in expenses. Marketing and advertisement expense rose 29% to 2.93 billion rupees.

"A lot of the growth has been driven by the big investments, which we've made over the past several quarters, ... around customer acquisition," Anchit Nayar, the CEO of Nykaa's beauty business, said on an earnings call.

Gross margin expanded by 119 basis points during the reported quarter as Nykaa sold more premium products that typically carry increased margins.

Nykaa's fashion business, which sells apparel and accounts for a tenth of its overall revenue, climbed 21% to 1.99 billion rupees.

Shares in Nykaa closed 2.3% lower at 169.44 rupees ahead of the results.

($1 = 87.4330 Indian rupees)

(Reporting by Praveen Paramasivam; Editing by Eileen Soreng)

(([email protected]; +91 867-525-3569;))

Jan 23 (Reuters) - FSN E-Commerce Ventures Ltd FSNE.NS:

• UNIT INCORPORATES NEW WHOLLY-OWNED SUBSIDIARY IN OMAN

Source text: [ID:]

Further company coverage: FSNE.NS

(([email protected];;))

** FSN E-Commerce Ventures FSNE.NS rises as much as 5.2% to 176.60 rupees

** Beauty products retailer Nykaa's parent sees Q3 consol net rev growth higher than mid-twenties vs Q3 FY24's 22.3% growth

** Elara Capital said Q3 will be a seasonally strong quarter for FSNE, boosted by the wedding season

** Stock set for sixth consecutive session of gains

** More than 5 mln shares traded, 0.6x the 30-day avg

** Stock rated "hold" on avg; median PT is 200 rupees - LSEG

** FSNE fell 5.9% in 2024

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

Nov 12 (Reuters) - Indian retailer Nykaa reported a 72% rise in its second-quarter profit on Tuesday as its mainstay beauty products segment continued to drive growth ahead of the festive season.

The company, listed as FSN E-Commerce Ventures FSNE.NS, said its consolidated net profit rose to 100.4 million rupees ($1.19 million) for the quarter ended Sept. 30 from 58.9 million rupees a year ago.

India's $28 billion beauty and personal care (BPC) market, which is expected to reach around $45 billion by 2030, is growing rapidly, mainly fuelled by demand from the growing middle class.

Nykaa's BPC segment, which also includes luxury brands such as Estee Lauder and Bobbi Brown and contributes 90% to the total revenue, reported a 24% jump in revenue.

The beauty products segment reported robust performance ahead of the festive season, Nykaa said in a quarterly update last month.

Its overall gross merchandise value (GMV) - the monetary value of all its orders, rose 29% to 36.53 billion rupees.

GMV from Nykaa's Fashion segment, which sells clothing, footwear and handbags, contracted to 10% from 27% a year ago.

India's apparel and cloth retailers reported subdued demand in the second quarter as consumers made fewer purchases amid high inflation.

Rival Shoppers Stop SHOP.NS reported a loss for the second straight quarter, while Tata Group-owned Trent posted its slowest revenue growth in 14 quarters.

Nykaa's total revenue rose 24% to 18.75 billion rupees during the quarter, while total expenses also rose 24% as it spent more on advertisement and marketing.

Nykaa's earnings before interest, tax, depreciation and amortization margin stayed largely flat at 5.5% compared to 5.4% a year ago.

($1 = 84.3670 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Eileen Soreng)

(([email protected];))

Oct 7 (Reuters) - Fsn E-Commerce Ventures Ltd FSNE.NS:

• FSN E-COMMERCE VENTURES- CONSOLIDATED NET REVENUE GROWTH OF MID-TWENTIES IN Q2 FY2025

• FSN E-COMMERCE VENTURES- BEAUTY VERTICAL DELIVERED NET REVENUE GROWTH IN MID-TWENTIES

• FSN E-COMMERCE VENTURES LTD - Q2 FASHION VERTICAL'S NSV GROWTH IS SEEN AT AROUND EARLY TEENS

Source text for Eikon: ID:nBSE1mBbfh

Further company coverage: FSNE.NS

(([email protected];))