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Shares of the leading e-commerce beauty products platform rose around 1.7% to Rs 166 per share on Friday after the company’s board of directors approved an investment of up to Rs 250 Cr in its United Arab Emirates (“UAE”)-based subsidiary Nysaa Beauty LLC. Lakhs of rupees.
FSN E-Commerce Ventures Ltd. It is a mid-cap stock with a market capitalization of Rs 46,892 crore. The company’s shares were trading at Rs 164.35 apiece on the National Stock Exchange as of 11:50 am, up 0.74%.
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Thursday, February 1, 2024. The company’s Board of Directors has approved a proposal to invest up to Rs 2.5 million in Nysaa Beauty LLC, a wholly-owned subsidiary of Nessa International Holdings Limited (“Nessa International”). A subsidiary of FSN E-Commerce Ventures Ltd. The investment is expected to be completed on March 31, 2024.
Nysaa Beauty LLC was recently established in the United Arab Emirates (“UAE”) to carry out full-channel, multi-brand beauty retail operations in the UAE.
The company’s subsidiary Nessa International will hold 100% of Nysaa Beauty LLC. Since the Company holds 55% of the equity of Nessa International through its wholly-owned subsidiary FSN International Limited, the Company will indirectly hold 55% of the equity of Nysaa Beauty LLC in the United Arab Emirates.
Nessa International is making its first strategic investment in Nysaa Beauty LLC to obtain operational support. The company reported this in its exchange filing.
The company’s revenue increased by 22% year-on-year, from 12.3 billion rupees in the second quarter of fiscal 2023 to 15.07 billion rupees in the second quarter of fiscal 2024, and net profit increased by 50%, from 5.19 million rupees to 7.8 billion rupees.
FSN Ecommerce Ventures Ltd (commonly known as “Nykaa”) is a digitally native consumer technology platform that provides consumers with content-led lifestyle retail experiences.
The company has a diverse portfolio of beauty, personal care and fashion products, including private label products it manufactures.
The company’s shares hit a 52-week high of Rs 195.40 per share on January 10, 2024. FSN E-Commerce Ventures shares have gained 11% in the past six months and 12% in a year.
The company also expanded its offline stores in the September quarter, adding 13 stores, bringing the total to 165.
In the third quarter of 2024, the company’s beauty and personal care gross merchandise value (GMV) increased by 23% year-on-year, net sales value (NSV) increased by 19% year-on-year, fashion GMV increased by 27% year-on-year, and other category GMV increased by 54% year-on-year.
Written by Omkar Chitnis
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