Beauty and lifestyle retailer FSN E-Commerce, which operates under the Nykaa brand, aims to triple the gross merchandise value (GMV) of its owned brands to Rs 6,000 crore by FY30, targeting a compounded annual growth rate (CAGR) of 30%.
As of the end of FY25, these brands—grouped under the “House of Nykaa”—contribute Rs 2,100 crore to the company’s overall GMV. Five of them have individually surpassed Rs 100 crore in GMV, with three exceeding Rs 200 crore.
Fragrances, clean beauty and bath and beauty categories will be in focus.
The House of Nykaa features both beauty and fashion labels such as Dot & Key, Nykaa Cosmetics, Kay Beauty and Wanderlust. According to the company, its portfolio of owned beauty brands now represents the second-largest homegrown beauty business in India, generating Rs 1,700 crore in GMV and reaching more than 12 million customers across 38,000 retail touchpoints.
Overall, Nykaa’s consolidated GMV stood at Rs 15,600 crore in FY25, marking a sixfold increase from Rs 2,690 crore in FY20, with a 42% CAGR over five years. However, the company has not provided GMV guidance for FY30. It currently serves more than 42 million customers across its platforms.
“Beauty remains a powerhouse, our B2B play is scaling well, and we see recovering momentum in fashion,” Falguni Nayar, executive chairperson, founder and chief executive at FSN E-commerce said during the firm’s investor day.
“Over the last five years, our beauty business has scaled 5X and fashion has grown 20X, outpacing the broader ecommerce growth,” she added.
The company expects Nykaa Fashion to achieve Ebitda breakeven this year and maintains a long-term outlook of 10% steady-state Ebitda margins, supported by 3x to 4x growth over the next five years.
As part of its growth strategy, the company is investing in Nykaa Now, a rapid-delivery model designed to enhance beauty convenience in top metro areas. Currently live in seven cities, the model is backed by a distribution network of 44 warehouses in 15 cities, 40 rapid stores, and Nykaa’s physical retail outlets.
Previously, FSN’s management had stated that Nykaa Now’s logistics model does not depend on its store footprint, although the technology is designed to leverage physical retail locations when needed.
The platform promises delivery within 30 minutes to two hours in select zones and aims to boost purchase frequency by offering greater assortment, convenience, and speed. “Nykaa Now is driving unparalleled convenience and choice by being closer to the customer,” the company said.
Beyond Nykaa Now, the company is also working to reduce fulfilment times. Over 80% of orders in the top 12 cities are now fulfilled with same-day or next-day delivery, enabled by an expanded warehouse network.
In fact, most of Nykaa’s capital expenditure (capex) over recent years has gone toward scaling its warehouse network, which now includes 44 units across 15 cities. The company did not provide capex guidance for upcoming years but indicated that FY22 marked peak capex at Rs 205 crore, with a strong focus on warehousing.
Nykaa has also significantly scaled its retail presence since FY20, growing from 63 stores in 34 cities to 237 stores across 79 cities by FY25. Its total retail area has increased nearly fivefold to 2.5 lakh square feet. By FY30, the company plans to exceed 500 stores in over 100 cities, across multiple formats—including Luxe, On Trend, and kiosks—to further deepen its omni-channel strategy.
