FSN E-Commerce Ventures to See Continued Growth Momentum

FSN E-Commerce Ventures (NSE: NYKAA), the company behind the popular Indian online fashion and beauty platform Nykaa, is projected to maintain its growth momentum in revenue and gross merchandise value (GMV). The company generates revenue through three main segments: beauty & personal care (BPC), Nykaa Fashion, and others. The “others” segment encompasses FSN ventures like NykaaMan, the company’s eB2B platform “SuperStore by Nykaa,” as well as its international operations, digital content platform Little Black Book (LBB), and others.

In 2023, FSN E-Commerce saw a sharp +41% year-over-year increase in GMV, coupled with +36% growth in revenue. Although growth is estimated to moderate compared to prior years, analysts expect robust double-digit growth in both GMV and revenue for FSN in the forecast period. In particular, Nykaa Fashion and the Other segment are anticipated to see faster growth rates than the company’s BPC segment.

According to Visible Alpha consensus, the BPC segment, which accounted for 68% of the company’s total GMV in 2023, is estimated to see its share fall to 60% by 2030, as Nykaa Fashion and the Other segment experience significant increases in GMV and revenue share in the same period.