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ICICIdirect Research Posted on 10:07am 28-Oct-2021

IPO Review - FSN E-Commerce Ventures Ltd.

FSN E-Commerce Ventures incorporated in 2012 more commonly known as Nykaa, is a consumer technology platform, delivering a content-led, lifestyle retail experience to consumers through its diverse portfolio of beauty, personal care & fashion products including their own brand products.

  • The company boasts of 256,149 SKUs from 2644 brands in beauty & personal care segment and around 2.8 million SKUs across 1,434 brands in the fashion segment.
  • GMV - 90% is from online platform; 80 physical outlets in operation till date.

 

Key triggers/Highlights:

• Nykaa is the largest specialty beauty and personal care platform in India in terms of value of products sold in FY21 and one of the fastest growing fashion platforms in India based on growth in GMV.

• The company has the highest average order value (AOV) among leading online beauty and personal care platforms in India. The company carries a large number of leading luxury and prestige beauty and personal care brands making it the customer’s retail destination of choice in India.

• It is a capital efficient business with strong growth and profitability. Its capital turnover ratio improved from 3.1x in FY19 to 4.2x in FY21.

• The company values its brand relationships and has a team of brand managers who work closely with brands to strategise and execute growth and brand building strategies.

 

For details, click on the link below.

https://www.icicidirect.com/mailimages/IDirect_FSNECommerce_IPOReview.pdf