NEW DELHI: In line with various etailers extending their reach with physical stores, recently listed Indian beauty start-up Nykaa has also accelerated store expansion this quarter, opening eight new physical retail stores across the country including stores in Gwalior, Kochi, Mysore & Ranchi
The company’s Investor Presentation on Monday said that Nykaa’s total number of physical stores stood at 84 as of September 30, 2021.
Various companies that predominantly operate in the online space have been expanding their physical presence, despite the disruptions caused by the Covid-19 pandemic to offline businesses.
Founder and CEO Falguni Nayar on several occasions has highlighted the importance of offline presence to the company. The company has also been expanding its portfolio.
In September 2021, Nykaa acquired 51% stake in Dot & Key Wellness Private Limited. Nykaa also launched an eB2B platform ‘SuperStore by Nykaa’ and a new brand “Gajra Gang” in Q2 FY22.
FSN E-Commerce Ventures that operates the start-up reported a 96% decline in Q2 profit on Monday as marketing costs surged in the quarter before its IPO.
Shares plunged sharply after Nykaa’s net profit was nearly wiped out for the quarter ended September 30.
It fell as much as 7.4% to Rs 2,185 on Monday, before paring some losses to close the session 3.82% lower at Rs 2,268 on the BSE.
This comes after the stock entered the Indian bourses at a 79.4% premium to its IPO price, closing at Rs 2,205—up 96%.