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FSN E-Commerce Ventures Limited, the parent company of ecommerce platform Nykaa, has projected a revenue growth of around 22-23% year-on-year for the first quarter of FY2025. 

The company, which operates in two segments, namely the Beauty segment and the Fashion segment, said it sees gross merchandise value (GMV) for the quarter to be in the mid-twenties range on a YoY basis. 

GMV is a key metric for ecommerce platforms like Nykaa and refers to the total value of all sales conducted through the platform over a specific period. 

Additionally, the company is commencing a vertical-wise segment reporting beginning this quarter, separating its Beauty and Fashion segment. 

The beauty segment, comprising the Nykaa beauty platform and beauty-owned brands, physical stores, its eB2B distribution business ‘Superstore by Nykaa’ and the Nykaa Man BPC business, forecasts revenue growth of around 22-23%. 

The company added that the Beauty vertical’s GMV growth is expected to be higher, in the high 20s YoY, reflecting the long-term growth trajectory of the Beauty and Personal care industry.  

This outlook is despite the relatively slower growth in its physical retail business impacted by external factors such as elections and heatwaves across North India. 

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“The overall Fashion industry in India continues to face challenges with a muted demand environment. The growth was further impacted in this seasonally weak quarter due to limited weddings and festivities”, Nykaa said. 

However, the company added that its Fashion vertical revenue is expected to deliver a “healthy performance” with revenue growth of around 20% YoY. But, sees GMV to be lower in the mid-teens YoY. 

The company’s fashion segment includes the Nykaa Fashion platform and fashion-owned brands.