THE WHAT? Parent company of beauty brand Nykaa, FSN E-Commerce has reported a Q2 net profit surge to 41.08 million Indian rupees (US$497,210) in the July-September quarter, from 11.7 million rupees year on year, according to a report by Reuters.
THE DETAILS The Indian company’s shares rose around 4.5 percent following the news, with revenues increasing 39 percent to 12.31 billion rupees.
THE WHY? The rise is said to be fuelled by strong consumer demand ahead of the festive season, with online shopping being on the increase amongst Indian consumers.
Falguni Nayar, Managing Director and Chief Executive Officer, said in a statement, “Our online and offline presence in beauty has delivered strong growth with improving margins.
“Post COVID, our accelerated investments in new store rollouts as well as store upgradation has resulted in improved footfalls and higher same-store sales.”