(Reuters) -FSN E-Commerce Ventures, the parent of Indian beauty products retailer Nykaa, posted a quarterly profit on Tuesday that more than doubled, benefiting from new brand tie-ups and steady demand for makeup and skincare.
The company, which retails an array of brands such as Estee Lauder and actor Katrina Kaif’s Kay Beauty both online and offline, said profit rose to 233.2 million rupees ($2.66 million) for the first quarter ended June 30, from 96.4 million rupees a year ago.
Indians, especially the affluent, have not shied away from spending on skincare and cosmetics — a category that outperforms others even during a consumption slowdown — helping prop up the $28-billion beauty and personal care industry in India.
Nykaa added brands such as luxury offering Chanel, Korean skincare label Aestura and sunscreen maker Supergoop to its product line-up, lifting revenue in its beauty business 24% to 19.75 billion rupees.
The growth was driven by a focus on reaching more customers across online and offline stores and offering higher-end products, Nykaa said.
That, coupled with a 15% rise in its fashion business, which sells apparel and accessories from brands such as Victoria’s Secret and Titan’s Mia, pushed overall revenue up 23% at 21.55 billion rupees.
($1 = 87.7080 Indian rupees)
(Reporting by Praveen Paramasivam in Chennai; Editing by Janane Venkatraman)
