Fsn E-commerce Ventures Ltd. · NSE:NYKAA
Fsn E-commerce Ventures — Investor Day (June 2025)
168 slides from Fsn E-commerce Ventures's investor day presentation, Jun 26, 2025
Slide 1: Exchange filing letter: Investor Presentation
FSN E-Commerce Ventures Limited June 26, 2025 National Stock Exchange of India Limited BSE Limited Symbol: NYKAA Scrip Code: 543384 Dear Sir / Madam, Subject: Investor Presentation In continuation of our letter dated June 04, 2025, and pursuant to Regulation 30 of the Securities and Exchange Board o
Slide 2: Annual Investor Day 2025
ANNUAL INVESTOR DAY 2025 26th June, 2025 FSN E-COMMERCE VENTURES LIMITED
Slide 3: Table of Contents
1 Industry Overview & One Nykaa Strategy 2 Beauty multi brand retail Table 3 House of Nykaa of 4 Fashion Contents 5 eB2B: Superstore by Nykaa 6 Technology 7 Financial Performance
Slide 4: Industry Outlook & One Nykaa Strategy
Industry Outlook & One 1 Nykaa Strategy 3
Slide 5: Why is India on everyone's radar?
Why is India on everyone’s radar? 4
Slide 6: India is among the fastest growing major economies in the world
India is among the fastest growing major economies in the world India to become 3rd largest economy globally Driving strong growth in per capita income India GDP ($ tn) India GDP per capita ($) 6.2 $4 - 4.5K 3.9 $2.6K 2.8 $1.7K FY20 FY25 FY30 FY20 FY25 FY30P India economy ranking GDP per capita CAGR
Slide 7: India retail market to surpass $1.5 trillion by 2030
India retail market to surpass $1.5 trillion by 2030 India retail market size ($ tn) FY2025-30E CAGR % Retail ranking (FY25) 9-10% CAGR ~1.6 -1.8 9-10% #3 6-7% CAGR ~1.0 ~8% #2 ~0.8 ~7% #1 FY20 FY25 FY30P 6 Source: Redseer (India’s got retail 2025)
Slide 8: India's consumption and discretionary spending under stress
India’s consumption and discretionary spending under stress over the last couple of years Private consumption growth Retail market growth Macro economic headwinds (% CAGR) (excl. grocery and travel) (% CAGR) for the slowdown ~11% Inflation surge post covid: ~11% CPI trended between 5% and 7% for ~8%
Slide 9: Consumption slowdown impacts E-commerce, long-term trajectory intact
Consumption slowdown and inflation impact E-commerce today, but long-term trajectory intact India E-commerce market size ($ bn) Long-term growth remains robust with 18%+ 170 – 190 improving GDP per capita and increasing digital penetration Strong growth on the back of Short-term dip in growth due to
Slide 10: Why do we find the Indian market exciting?
Why do we find the Indian market exciting? 9
Slide 11: Significant headroom for discretionary spend to grow
Significant headroom for discretionary spend to grow supported by lifestyle categories Discretionary spend as a % of total BPC + Fashion accounts for retail market (FY25) 1/4th of discretionary spending in India (FY25) 75 - 80% 65-70% 23% 53% 77% India China US BPC + Fashion 10 Source: Redseer (Indi
Slide 12: Beauty and Fashion to drive E-commerce market growth
Lifestyle categories like Beauty and Fashion to drive E-commerce market growth India E-commerce market mix Beauty + Fashion Grocery Electronics Others* 13% 39% 15% 13% 35% 11% 21% 29% 8% 60% 23% 33% ~$25 bn ~$60 bn ~$170-190 bn [FY20] [FY25] [FY30E] Online beauty + fashion market $6 bn+ ~$23 bn ~$70
Slide 13: India among fastest growing BPC markets, $40-45 bn by 2030
India among fastest growing BPC markets, a $40-45 bn opportunity by 2030 India BPC market size ($ bn) Premiumization, a key theme in beauty Unorganized Offline Organized Offline Online 10-12% overall CAGR 40-45 Luxury Beauty 4-5% 23-25% online CAGR of overall Beauty [FY25] 34% 9-10% overall CAGR Ind
Slide 14: World's biggest beauty brands are betting big on India
The world’s biggest beauty brands are betting big on India, Beauty’s brightest opportunity Nicolas Heironimus [L’oreal CEO] 13 Source: Company Press Release, News coverage
Slide 15: India online fashion market: a $60 bn growth runway
India online fashion market: a $60 bn growth runway India Fashion Market Size ($ bn) India online premium fashion market ($ bn) Offline Online Men Women 10-12% overall CAGR 185 - 200 22-25% online CAGR 25-30% online premium Fashion CAGR 10.0 30% $55-60 bn 4.6 6-7% overall CAGR online 27-28% online C
Slide 16: 60%+ of fashion market still unorganized
60%+ of fashion market still remains unorganized with unbranded market Massive opportunity to formalize the fashion market with surge in D2C brand launches Organized Unorganized Key Drivers Rapid Brandification: Branded spend is outpacing unbranded 39% 48% Brand Boom: 800+ homegrown D2C brands in th
Slide 17: Brand proliferation in Fashion to move towards BPC trend
Brand proliferation in Fashion to move towards current BPC trend Lifestyle retail split by brands (%) Unbranded market Regional brands D2C Brands PAN-India brands $100 bn $24 bn 22% Fashion brand segmentation to follow BPC trend 3% • Rapid rise of online-first brands with innovative & 14% 66% meanin
Slide 18: Why do we find the Indian consumer exciting?
Why do we find the Indian consumer exciting? 17
Slide 19: India e-retail surges ahead with fastest growing shopper base
India e-retail surges ahead, with the fastest growing shopper base globally E-commerce shoppers (mn) in FY25 ~920 400 mn+ E-commerce shoppers base in FY30E #2 E-commerce shoppers base ~270 270 - 280 (India Global rank) [#6 in FY15] US India China ~6% ~20% ~8% FY20-25 CAGR 18 Source: Bain Report (Ind
Slide 20: Indian market heavily influenced by Gen Z
Indian market heavily influenced by Gen Z driving major growth Gen Z population India Population (mn) – FY25 Gen Z shopper base to drive ~50% of India consumption 46% 0.4 bn 1.4 bn 43% 26% Gen Z population $2 tr $2.9 tr [FY25] [FY30] 19 Source: BCG (the $2 tr opportunity – How Gen Z is shaping the n
Slide 21: India's Gen Z driving major growth for lifestyle categories
India’s Gen Z already driving major growth for key lifestyle categories Only 23% of Gen Z spend is direct today Gen Z, a pivotal shopper base in lifestyle categories $1.4 tr Footwear 50% $0.9 tr 47% Fashion & Accessories 47% 77% 53% BPC 44% 23% FY25 FY30E Gen Z driven spend as % of total consumer sp
Slide 22: Beauty and Fashion see higher consumption as affluence increases
Beauty and Fashion see higher consumption as consumer affluence increases India BPC annual spend ($) India Fashion annual spend ($) 3x+ 480 ~5x 140 116 368 284 79 193 50 138 30 Entry level Emerging Established Mid-level High-income Entry level Emerging Established Mid-level High-income earners profe
Slide 23: Rising affluence increases frequency of beauty & fashion purchases
With rising affluence, consumers also increase frequency of beauty & fashion purchases India BPC annual purchase frequency India Fashion annual purchase frequency 23 24 21 22 17 18 20 16 16 17 Entry level Emerging Established Mid-level High-income Entry level Emerging Established Mid-level High-inco
Slide 24: India remains eager to consume fashion & lifestyle across geographies
India remains eager to consume fashion & lifestyle across geographies Average Annual spend on Fashion ($) 223 221 201 192 Metro Tier 1 Tier 2 Tier 3 22 22 21 21 Annual purchase frequency 23 Source: PwC (How India spends), sample size of 3mn users
Slide 25: One Nykaa
One Nykaa 24
Slide 26: One Nykaa rises ahead of the India e-commerce growth trajectory
One Nykaa rises ahead of the India e-commerce growth trajectory [5yrs growth] One Nykaa GMV grew ahead of India e-commerce in the last 5 yrs 15,600 12,445 42% One Nykaa GMV CAGR [FY20 – 25] 9,745 6,930 4,050 2,690 FY20 FY21 FY22 FY23 FY24 FY25 ~20% India E-commerce CAGR [FY20 – 25] 176 mn 42 mn+ App
Slide 27: 6X growth in 5 years across Beauty, Fashion & Beyond
6X growth in 5 years across Beauty, Fashion & Beyond 1. BPC online includes Nykaaman grooming House of Nykaa - New Businesses, 2. Fashion include Nykaaman Lifestyle Fashion, 3% <1% 3. Total GMV mix exceeds 100% as House of Nykaa GMV will overlap with the omnichannel business verticals Fashion, 20% F
Slide 28: Strong performance across all businesses
Strong performance across all businesses [5yrs growth] Beauty multi brand retail Fashion Rs 11,780 Cr 34 mn+ 237 Rs 3,800 Cr 8 mn+ 4,400+ GMV Cum. Customer Beauty physical GMV Cum. Customer Brand partners [~5x] Base stores [20x+] Base [16x+] [4x+] [~4x] [68x+] Includes Nykaaman Grooming Includes Nyk
Slide 29: Beauty multi brand retail
2 Beauty multi brand retail 28
Slide 30: Delivered superlative growth while maintaining healthy profitability
Delivered on our commitment of superlative growth while maintaining healthy profitability Beauty GMV Cumulative Customer Base (CCB) Contribution Margins (% of NSV) Growth (%) 54% 36% 51% 38% 28% 30% 63% 37% 41% 32% 34% 28% (₹ in Bn) (in Mn) 20.5% 36% CAGR FY’20 118 34 91 27 71 20 51 15 34 8 11 22.0%
Slide 31: India BPC's promising growth outlook
India BPC’s promising growth outlook driven by a younger, more educated & affluent population 1 Affordability for discretionary categories, like beauty, is on the rise.. Growth in Indian BPC market with increasing online penetration Population of mid & high-income households (in Mn) 10-12% overall C
Slide 32: Penetration + Premiumization: multi-decadal growth opportunity
Penetration + Premiumization: Nykaa’s missions to tap into a multi-decadal growth opportunity Penetration Premiumization Vision for the future Acquisition of quality customers at scale Growing sophistication of purchase We aim to grow at mid-20% levels… CCB (in Mn) 34 Colour Cosmetics GMV (in Bn) 27
Slide 33: Mission #1: Driving Penetration
Mission #1: Driving Penetration
Slide 34: Building awareness using Nykaa's digital reach & targeting
Mission #1: Penetration Building awareness & consideration using Nykaa’s digital reach & targeting capabilities Scale of Nykaa’s digital ecosystem Tapping new cohorts 28k+ Gen Z Tier 2 & 3 Network of India’s biggest influencers, Key Opinion Leaders Campus Ambassador Program 100 5M+ 1k+ Campus Organi
Slide 35: Acquiring new users via personalization & offline expansion
Mission #1: Penetration Acquiring new users at scale via online personalization & offline expansion Targeted in-app experience and sampling for new customers Expanding store footprint into new cities & catchments Store Formats: Flagship Luxe On Trend Kiosks
Slide 36: Mission #2: Catalyzing Premiumization
Mission #2: Catalyzing Premiumization
Slide 37: Building regimen to create more need states and occasions
Mission #2: Premiumization Building regimen to create more need states and occasions for beauty consumption Content IPs on Platform to drive regimen ‘Stepification’ of Beauty +388% +78% +74% +26% +26% Sunscreen Spray Hair Serum Hair Masks Setting Spray Loose Powder (Growth in search on Nykaa from Ja
Slide 38: Create desire for premium beauty through aspirational marketing
Mission #2: Premiumization Create desire for premium beauty through aspirational marketing & community building Destination Marketing on Premium Beauty Nykaa Luxe Squad Nykaa FragTok
Slide 39: Nykaaland AV
Mission #2: Premiumization Nykaaland AV
Slide 40: Engage customers in-app and in-store via immersive journeys
Mission #2: Premiumization Engage customers in-app and in-store via immersive journeys In-app journeys driving consideration via premium imagery & education Indulgent shopping environment with curated experiences
Slide 41: Nykaa has reached significant milestones in premium beauty
Mission #2: Premiumization Nykaa has reached significant milestones in driving premium beauty in India Nykaa’s scale in premium beauty Partner of choice for leading global beauty brands Nykaa’s sustained leadership #1 1st online retailer for 1st omnichannel retailer for position in omnichannel premi
Slide 42: Beauty Tech: AI-enabled customer profiles
Mission #1: Penetration Mission #2: Premiumization Beauty Tech: AI-enabled customer profiles for hyper-personalized recommendations Skin Analyzer Virtual Try On Finders Beauty Profile Customers see prompt to AI analyzes skin concerns and gives Concern based content & product 1 analyze skin 2 Custome
Slide 43: Mission #3: Delivering Convenience
Mission #3: Delivering Convenience
Slide 44: Transitioned from regional to local network in 3 years
Mission #3: Convenience Transitioned from a regional network to a local network in 3 years Regional Network Local Network 2021 2024 44 Warehouses 18% 18 in FY‘21 Reduction in O2D 26 by FY’24
Slide 45: Introducing NykaaNow
Mission #3: Convenience Introducing
Slide 46: NykaaNow AV
Mission #3: Convenience NykaaNow AV
Slide 47: Driving unparalleled convenience and choice
Mission #3: Convenience Driving unparalleled convenience and choice by being closer to the customer Largest network of beauty warehouses, physical retail stores and rapid stores across the country Same Day / Next Day: Strategy Coverage % order volume Top 12 cities 80% Where? 7 cities (Geography) Top
Slide 48: Thank You
Thank You
Slide 49: Appendix
Appendix
Slide 50: Winning with Partners: Advertising Opportunities
Winning with Partners: Advertising Opportunities for Every Brand Objective Product Ads in Discovery Banner Ads in Discovery Flexible, CPM Based Video Ads on Homepage & Search, CPC Based & Search Display Ads Screen Recording 2024-08-02 at 3.34.28 PM.mov
Slide 51: Winning with Partners: Brand-centric immersive experiences
Winning with Partners: Brand-centric digitally immersive experiences Full Screen Takeover & Bottom Navigation to Brand Themed Picture-In-Picture Brand Campaign Homepage 50
Slide 52: House of Nykaa
3 House of Nykaa 51
Slide 53: House of Nykaa
House of Nykaa
Slide 54: We have consumer brands across beauty and fashion
House of Nykaa: We have 12 consumer brands across beauty and fashion Rs. 2100 Cr GMV Across Our 12 Brands Beauty Fashion High Growth/ Matured Emerging Focus for Today
Slide 55: House of Nykaa
We are the House of Nykaa India’s 2nd largest homegrown beauty brands portfolio* 7 ~Rs1.7k Cr 13m+ 38k+ Distinct Brands GMV Physical distribution Customers points Note: Statistics for House of Nykaa Beauty Only
Slide 56: Our Vision
Our Vision To deliver efficacious products that solve real problems, Innovations that bring world-class trends to the Indian consumer, All while cultivating customer love
Slide 57: Our Modus Operandi
Our Modus Operandi: We bring together the best of both worlds – traditional brand building rigour along with startup-style agility Traditional Brand Building New Age Ways of Working Principles • Deep customer insighting • Winning on eCommerce • Focus on R&D & Quality • Deeply data & analytics driven
Slide 58: Our Brand Portfolio
Our Brand Portfolio: We have built large brands in major categories & are incubating more brands in emerging categories Total FY25 GMV: ~Rs. 1700Cr 500Cr + Major Increasing brand size (Rs) 1 200-500Cr Large Heavyweight players in major segments of the market Emerging 3 Incubation Tools & Makeup Skin
Slide 59: We Are Large & Growing Fast
We Are Large & Growing Fast - ~Rs. 1700 Cr GMV - Growing rapidly at We Have Build Core ~48%+ 5 year CAGR Capabilities to Win - Portfolio includes largest Skincare House of - Brand building playbook brand1 and 2 of the top 5 makeup brands1 Nykaa - In house & global R&D and manufacturing We Are Where
Slide 60: Our Portfolio Strategy
Our Portfolio Strategy: Looking forward, we have a clear growth strategy Strategy Portfolio Right to Win • Unique price positioning & proposition spanning Dominance in masstige & premium segments 1 • Top ranking in our focus areas Makeup 2 of the top 5 makeup brands1 • Wide & growing omnichannel dis
Slide 61: House of Nykaa
HOUSE OF WKAR
Slide 62: Nykaa Cosmetics
NIK cosmetics
Slide 63: Nykaa Cosmetics: a large player in the makeup market
India’s trendiest brand built for the youthful beauty consumer of today, and tomorrow Nykaa Cosmetics: a large player in the Key brand highlights makeup market 6 Year GMV Trajectory (Rs Cr) 8Mn+ Top 3 Makeup Customers 400 Brand1 350+ Served2 350 3x+ 300 20%+ #1 Liquid 250 ~240 Customer Lipstick Bran
Slide 64: Strong Legacy Ranges Supported by Strong Innovation
Right to win: Iconic legacy ranges & innovative launches that have strong Gen Z appeal Strong Legacy Ranges Top 3 brand in 6 major categories1 Supported by Strong Innovation 1. On Nykaa.com in FY25
Slide 65: Democratizing beauty access through 360° distribution
Democratizing beauty access through 360° distribution Nykaa.com: Nykaa Retail: General Trade & Modern Trade: 24x7 Access - Everywhere 190 Premium Shopping Experiences 38k+ Diverse Points of Sale Nykaa Kiosks: 47 Brand Owned Outlets
Slide 66: Introducing Rasha Thadani: our new brand ambassador
Introducing Rasha Thadani: our new brand ambassador - 3.2 Mn highly engaged followers - Resonates strongly with the Gen Z customer - Viral and trending following her blockbuster movie release
Slide 67: Superlight Range: premiumising Nykaa Cosmetics
Superlight Range: breathable, ultra-lightweight makeup, premiumising Nykaa Cosmetics 4.3 Skincare infused High performance Second skin feel Feather light Premium Avg cust rating Range saw stellar launches that received immense consumer love Perf Marketing Experiential Marketing Skin tint foundation
Slide 68: Kay Beauty
Slide 69: Kay Beauty growing at ~50% CAGR
India’s first & most successful celebrity-led makeup brand Growing at a ~50% CAGR led by strong Key brand highlights innovation & marketing 3 Year GMV Trajectory (Rs Cr) 2.5Mn+ Top 5 Makeup Customers 300 Brand1 Served2 ~240 250 3x+ 700+ Premium, 200 #1 Blush BA Assisted ~160 Brand1 150 ~125 Distribu
Slide 70: Katrina Kaif shaping Kay Beauty
Katrina Kaif plays an important role in shaping Kay Beauty—from influencing product innovation to authentically driving consumer connection
Slide 71: Owned modern bridal aspirations on wedding beauty
Owned modern bridal aspirations on wedding beauty - elevating soft glam to hero status • This campaign popularized Kay For Day weddings • 28Mn+ campaign reach • Build Kay Beauty as the go-to choice quiet luxury
Slide 72: Kay Beauty enters the UK with Space NK
Kay Beauty enters the UK with Space NK SpaceNK: UK’s fastest growing beauty retailer Launch hype is building for Kay in the UK • Omni-channel launch plan • Selective offline launch in 13 top locations • Flagship launch locations: • Oxford Street, London • Birmingham Bullring • Manchester Westfield 4
Slide 73: Hydra Crème Lipstick – A Viral Launch
Hydra Crème Lipstick – A Viral Launch Hydra Crème Lipstick: Social Sensation Content Experiential Store Event #1 Lipstick Range Since Launch1 On Nykaa.com
Slide 74: Dot & Key
i) DO TOD KEY , RE ; MK. , }) Cg
Slide 75: Dot & Key has exploded ~12x through omnichannel excellence
One of India’s fastest growing Skincare brands Dot & Key has exploded ~12x through Key brand highlights omnichannel excellence 3 Year GMV Trajectory (Rs Cr) 4 million + #1 Skincare Customers 1000 Brand1 ~900 served1 900 800 700 #1 Sunscreen ~20k Multi 12x+ 600 Brand on 6 Channel Offline 500 ~450 mar
Slide 76: Skincare that Works & Wins Hearts
Skincare that Works & Wins Hearts Top ranked across key Breakthrough Powerful brand categories innovation building Fruit derived actives Received immense consumer love #1 in Sunscreens1 4.4 Avg customer rating #1 in Eye creams1 Unique packaging Memorable campaigns #1 in FMDC1 Top 3 in Face wash1 1.
Slide 77: Successfully built wide distribution, dominating where we play
Successfully built wide distribution, dominating where we play Other Significant Strategic eCommerce Channels Strategic Offline Channels Channels D2C Website Nykaa Retail General Trade Major 3P Marketplaces Major Q-Com Players Nykaa.com Select Global Markets (e.g. GCC) Indicative Only
Slide 78: Introducing Shanaya Kapoor – face of Dot & Key
Introducing Shanaya Kapoor – the face of Dot & Key, whose vibrant energy, modern charm, and strong connect with Gen Z makes her the perfect ambassador. - 2.4 Mn highly engaged followers - Skin-first credibility - Resonates strongly with the Gen Z customer
Slide 79: What's Next: Fragrances, Bath & Body, Clean Beauty
What’s Next: Fragrances, Bath & Body, Clean Beauty Fragrances Bath and Body Clean Beauty Fragrances is the fastest growing Indian customers are premiumising 70%+ of Millennials & 90%+ of Gen Z category on Nykaa1 their use of bath & body products prefer to shop clean2 Luxury-inspired fine fragrances
Slide 80: Our Competitive Advantages
Our Competitive Advantages Distribution Marketing Innovation 1 2 3 Advantage Advantage Advantage
Slide 81: Our Competitive Advantages
Our Competitive Advantages Distribution Marketing Innovation 1 2 3 Advantage Advantage Advantage
Slide 82: Distribution Advantage: India's largest premium BPC platform
1 Distribution Advantage: Access to India’s largest premium BPC platform – Nykaa.com The power of Nykaa.com’s distribution 30%+ Market 42 Mn Share of Online Customers BPC 50+ Orders 99%+ pincodes Serviced Every covered Minute Largest Beauty #1 Luxe Retailer Assortment in India
Slide 83: Distribution Advantage: premium positioning in offline network
1 Distribution Advantage: We have premium positioning for our priority brands in Nykaa’s extensive offline network Nykaa Retail: We have premium fixtures across the network across brands Network Highlights 190 Luxe & On- Trend format stores 47 Owned Brand Kiosks Market Leading 15% LFL Store Growth
Slide 84: Distribution Advantage: capability outside Nykaa
1 Distribution Advantage: We have also built a strong distribution capability outside of Nykaa – both online and offline We have built a strong capability for offline We have strong presence distribution of our House of Nykaa brands in 3rd party eCommerce 6 brands distributed Strong GT 1000+ BA Visu
Slide 85: Our Competitive Advantages
Our Competitive Advantages Distribution Marketing Innovation 1 2 3 Advantage Advantage Advantage
Slide 86: Marketing Advantage: strategic, viral content
2 Marketing Advantage: Strategic, viral content engineered to drive discovery, engagement & commerce
Slide 87: Our Competitive Advantages
Our Competitive Advantages Distribution Marketing Innovation 1 2 3 Advantage Advantage Advantage
Slide 88: Innovation Advantage
500Mn+ New ~15% Launch 5+ Sold Out Innovation Activation Launches Contribution Reach
Slide 89: Ambition to grow organic portfolio at 30% CAGR to Rs. 6000Cr GMV
Our Commercial Trajectory: Ambition to grow the organic portfolio at 30% CAGR to Rs. 6000Cr GMV Long Term GMV Trajectory EBITDA Benchmarks1 (Existing Portfolio, Rs Cr) 7,000 6000+ 27% 6,000 ~30% 5,000 25% 4,000 3,000 2,000 47% ~1700 24% ~1095 1,000 ~750 0 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 7% S
Slide 90: Our Right to Win
Our Vision Our Right to Win To deliver efficacious products We have the that solve real problems, right brands Innovations that bring We have the world-class trends to right distribution the Indian consumer, We have the All while cultivating customer love right capabilities
Slide 91: Fashion
4 Fashion 90
Slide 92: Nykaa Fashion: Stay Stylish
NIA FASHION Stay Stylish 91
Slide 93: Fashion Market Recap
Fashion Market Recap
Slide 94: Online Fashion market expected to grow 3x to $55 bn
Online Fashion market expected to grow 3x to $55 bn in next 5 years Fashion is the fastest growing retail market Fashion a $100 bn market growing at 10-12% CAGR (vs. in India discretionary retail segments growing at 9-11%) Fashion expected to witness the strongest Online penetration expanding from 1
Slide 95: Nykaa Fashion
Nykaa Fashion
Slide 96: Nykaa Fashion positioned to capture premium online fashion market
Nykaa Fashion is well positioned to capture the growing premium online fashion market Premium Consumer Segment Trend driven next-gen customers iOS & Premium Android Device 70% Gen-Z & Young Millennials 85% Nykaa Fashion is focused on premium customers & fashion, while rest of the market is deepening
Slide 97: Most trend forward platform in India
This reflects in our positioning as the most trend forward platform in India Nykaa Fashion #2 platform on recall…. …but #1 for latest trends / styles Others 4% Others 12% Competition B 14% Competition B 22% Nykaa Fashion 22% Nykaa Fashion 36% Competition A 57% Competition A 30% Source: Bofa Consumer
Slide 98: High growth since inception demonstrating product market fit
Nykaa Fashion has witnessed high growth since inception demonstrating strong product market fit, underpinned by strong business health metrics GMV (Rs Cr) Cumulative customer base (mn) 55% 3,804 82% CAGR CAGR 8.0 666 0.7 FY21 FY25 FY21 FY25 Best in class AOV High New Season Sales ~2X of industry ave
Slide 99: Creating Customer Delight – Curated Fashion, Smart Discovery, High Trust
Creating Customer Delight – Curated Fashion, Smart Discovery, High Trust 1. WE’RE FASHION FIRST 2. WE’RE DISCOVERY LED SHOPPING ● Curated with a Trend-first lens ● A destination to explore, not just transact ● Fashion Forward Brands ● Editorial led discover experience ● Fashion storytelling at the c
Slide 100: Strategic Curation of Brands Across the Fashion Spectrum
Strategic Curation of Brands Across the Fashion Spectrum Curated Fashion High Trust D2C Brands Large National brands 500+ digitally native brands 100+ Powerhouse brands ~4,500 Brands International Brands House of Nykaa Fashion 1000+ marquee brands from Leading brands across across the world categori
Slide 101: Established D2C brands and Niche Instagram Brands
A strong portfolio of established D2C brands as well as Niche Instagram Brands A Established D2C Brands Hidden Gems: Niche Instagram brands ABFRL 100
Slide 102: Strategic partnerships with leading National Fashion houses
Strategic partnerships with leading National Fashion houses & Brands B ABFRL Arvind Other Large National Brands TCNS Bestseller 101
Slide 103: International brands enabled through diverse tech and operating models
International brands enabled through diverse tech and operating models C Retailer partnerships Business/ Tech integration models 1. B2B2C cross-border integration 2. Full stack enterprise solution Brand partnerships 3. Multi-marketplace enablement Big marquee launches planned in H2 FY-26 102
Slide 104: Building Nykaa house of brands across multiple categories
Building Nykaa house of brands across multiple categories D Lingerie Western wear Indian wear Athleisure 103
Slide 105: NF Edit: more trend-led, occasion-led
Changing the way customers shop: More trend-led, More occasion-led, More "fashion" Curated Fashion Smart Discovery NF Edit Handpicked styles for every trend and occasion With new stores dropping regularly 104
Slide 106: Enabling brand storytelling while driving commerce
Enabling brand storytelling while driving commerce Smart Discovery Brand Legacy Brand Campaigns Product Differentiation 105
Slide 107: A Glimpse Ahead: AI powered shopping journeys
A Glimpse Ahead: AI powered shopping journeys Smart Discovery Nykaa Muse: Your Stylist BFF Enriched product catalog 106
Slide 108: Fashion Ambition – Scaling with improving unit economics
Fashion Ambition – Scaling with improving unit economics
Slide 109: Ambition to grow 3-4x in the next 5 years
Ambition to grow by 3 – 4x in the next 5 years Growth in brand New Customer Strong Content assortment Acquisition growth In INR Crs NSV Ambition 17x 1,125 3 - 4x in the next 5 years 65 FY'20 FY'25 Forward looking statements are subject to inherent risk and the Company, therefore, cannot guarantee th
Slide 110: Women's segment to retain dominance; Men & Kids more prominent
Women’s segment to retain dominance; Men & Kids to become more prominent Women to retain at ~70% share; Men & kids to gain Key brands to grow faster and account for 65-70% of share business share 5% 5-7% 13% 20-25% 30-35% 59% 78% 65-70% 65-70% 41% FY'25 FY'30 FY'25 FY'30 Women Men Kids Home Others K
Slide 111: Marketing efficiencies to improve with scale
Marketing efficiencies to improve with scale as witnessed in Beauty Fashion New Customer acquisition trend GMV Share from New 91% 42% 20-25% Customers% Absolute NCA will increase but NCA GMV share (and marketing expenses) will decrease as repeat base increases Marketing Expense % as % to NSV 17.6% 2
Slide 112: Fashion Vertical – Path to Profitability
Fashion Vertical – Path to Profitability 1. Margin calculated on NSV ~10% EBITDA margin Mid to High single (Steady digit EBITDA state) EBITDA Breakeven FY28E (8.3%) EBITDA margin FY26E FY25 Forward looking statements are subject to inherent risk and the Company, therefore, cannot guarantee that they
Slide 113: Marketing efficiencies + scale leading to 10% EBITDA at steady state
Increase in Marketing efficiencies + Scale leading to 10% EBITDA at steady state 1. Margin calculated on NSV ↑ 850 bps 10% ↑ 1000 bps -8.3% FY25 EBITDA Contribution Margin Overhead expense Leverage Steady State EBITDA Strong repeat buying resulting in Marketing Significant leverage in Efficiencies +
Slide 114: eB2B: Superstore by Nykaa
5 eB2B: Superstore by Nykaa 113
Slide 115: Serving the Underserved via Technology
Serving the Underserved via Technology Investor Day Update 114
Slide 116: E-B2B remains a Large Addressable Opportunity
111 E-B2B remains a Large Addressable Opportunity… Unorganized Retail to remain significant at USD ~15 bn India eB2B Market for BPC (GMV) – USD Mn CAGR % eB2B Penetration in <1% 2.5 -3.5% 7-8% 10-12% USD 40-45 Bn GT ~9x ~1,000 34% USD 24 Bn 32% 20% ~420 28% 52% 34% 90 FY25 FY30E 2022 2025P 2030P Uno
Slide 117: Accelerated by Key Enablers
…Accelerated by Key Enablers Underserviced Retailers Underserved D2C Underserved D2C Brands Brands Growth in Digitisation of Retailers GT Market Mix ~$100 Bn opportunity by 2034 ➢ Low-cost Smartphones and Internet, making technology accessible to small 100 retailers ~40% Non- Underservice Core SKUs
Slide 118: SuperStore – Serving the Underserved Via Technology
SuperStore – Serving the Underserved Via Technology Focus on BPC & Wellness Focus on Underserved Formats – Beauty Centre, Pharmacy, Salon, Premium Kirana under serviced for Premium Brands Distribution-In-A-Box For Brands & One Stop BPC Platform For Retailers Warehousing & Inventory Data & Merchandis
Slide 119: We have Tripled Our Business in Last Two Years
We have Tripled Our Business in Last Two Years GMV (Rs Mn) Driven by Strong Growth in Cumulative Transacting Customers… ~3x 276 1080% 84% 57% 195 112 9,406 3x 19 FY22 FY23 FY24 FY25 5,973 …And Growth in Order Volume 3,251 ~3x 276 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 ~89% of Sales from Tier 2+ Cit
Slide 120: Serving 3.7L Stores across 1,100 Cities
We are serving 3.7L Stores across 1,100 Cities and 12K+ Pin-codes Customer Base of ~3.7L Stores # Cities 4x 1,100+ 950+ 650+ 300+ FY22 FY23 FY24 FY25 119
Slide 121: Retailer Footprint Enabled By Vast Fulfillment Infrastructure
Our Retailer Footprint Is Enabled By A Vast Fulfillment Infrastructure 16 Warehouses Ghaziabad Punjab Patna Tauru Lucknow 2.5L sq. ft. Assam WH Capacity Indore Ahmedabad Kolkata 1100+ Bhubaneshwar Cities Served Mumbai Visakhapatnam Hyderabad Dedicated Chennai To Superstore Bangalore Cochin 120
Slide 122: Portfolio of 200 National, Regional and D2C Brands
We have a Portfolio of 200 National, Regional and D2C Brands National Regional and D2C 121
Slide 123: Driving Engagement & Ad Income through Marquee Sale Events
We are Driving Customer Engagement & Ad Income through Marquee Sale Events and Monthly Thematic Events Sale Events on the App Growth in Ad Income (INR) 17x FY23 FY24 FY25 122
Slide 124: Our Differentiator – Tech led Disruption
Our Differentiator – Tech led Disruption Enabling Discovery Of New Brands via Technology & Content Empowering Brands With Data Increasing And Driving Retailer Earning Targeted Potential Customer Plans Increasing Retailer Spend & Retention 123
Slide 125: Enabling Discovery of New Brands via Technology & Content
Enabling Discovery of New Brands via Technology & Content Thematic Product Curations & New Launches AI Driven Recommendations across Purchase Journey 124
Slide 126: Increasing Retailer Earning Potential
Increasing Retailer Earning Potential Highlighting Best Deals Best Price Offer Completion Nudges of the Day 125
Slide 127: Increasing Customer Retention and Spend
Increasing Customer Retention and Spend Platform Loyalty Program for Reward Points & Wallet Select High Value Customers 126
Slide 128: Empowering Brand Partners with Actionable Insights
Empowering Our Brand Partners with Actionable Insights… Illustrative Snapshot Of Data Provided To Our Brand Partners To Drive Decision-making + Insights From E-comm Data Give Better Holistic Understanding To Brand Partners 127
Slide 129: Enable Targeted Customer Plans and grow Brand Distribution
…to Enable Targeted Customer Plans and grow Brand Distribution Amplification through CRM Brand Target Schemes/ QPS Targeted Coupons Campaigns 128
Slide 130: Case Study: Scaled-up Dot & Key 19x since Launch
Case Study: Scaled-up Dot & Key 19x since Launch through an Integrated Approach GMV Cum. Transacting Customers Orders 1418% 19x 1418% 31x 1418% 12x How did we Unlock Brand Potential x x x Right portfolio for GT Channel May-24 Mar-25 May-24 Mar-25 May-24 Mar-25 Alignment on pricing (in-sync with reta
Slide 131: Case Study: Scaled-up a Leading FMCG Account
Case Study: Scaled-up a Leading FMCG Account through Focus on Growth of Non-Core Portfolio Cum. Transacting Customers Average GMV Increasing Share of Non-Core (Lakhs) SKUs Sales Drive and Differential Offers for Non-Core Range Core Non-Core 2.2x 1.6x L3 Focussed Events Sponsored by the Brand Account
Slide 132: Our Value Proposition is Bearing Out
Our Value Proposition is Bearing Out Increasing Spend Per Customer & Wallet Share of SuperStore in B2B* Business Improving Revenue Mix Of Core / Share of Brand Accounts Non-Core SKUs For Brands Wallet Brand Share p.m.* Non- 65% Core ~4% ~5% SKUs 30% 1.2x Core SKUs 70% 30% 20% Vs. Superstore 10% 8% C
Slide 133: Path to Profitability at 4x of Current Scale
Path to Profitability (Break-even) at 4x of our Current Scale GMV (INR cr) EBITDA/ Order Break-even 12x FY23 FY25 Future 3x -0.5x x FY23 FY25 Future -x We have tripled our scale in last two years and we will continue on this journey to profitable scale 132
Slide 134: We will grow 3x through Geographic Expansion
We will grow 3x through Geographic Expansion… Pin-code Expansion City Expansion Tier-wise GMV Contribution Tier 3+ Tier 2 Tier 1 11% <10% 17% 3200 24% ~23% 19,000 30% ~12,000 ~1100 ~67% 64% ~6,000 ~800 54% FY23 FY25 Future FY23 FY25 Future FY23 FY25 Future 133
Slide 135: Expansion of Beauty & Wellness Portfolio and Own Brands
… and Further Expansion of Beauty & Wellness Portfolio, Challenger and Own Brands to drive Margin-Mix Faster Growth in Beauty and Wellness Portfolio Faster Growth in Challenger and Own Brands Portfolio 4x Gr 4x Gr H&W 15% ~3.5x ~14x 33% ~4x ~5x Beauty x x H&W 4% 23% 52% Beauty Personal ~2.5x ~2.5x P
Slide 136: Key Drivers towards Profitability
Key Drivers towards Profitability 1 2 Gross Profit per Order Fulfilment Cost/ Order 1 ➢ Drive mix via beauty/ wellness portfolio and challenger and House of Nykaa x ➢ Increase in Ad income through mega sale events, 2.5x category/ theme events and targeted campaigns 0.8x 1.5x 0.6x x 2 ➢ Improvement i
Slide 137: Improving Livelihood of Marginal Retailers
Improving Livelihood of Marginal Retailers More Sales Access to range of brands – D2C, regional, national Diverse assortment allows retailers to build a basket with limited risks More Earnings Equal access to promotional trade schemes Access to POSM, samples, brochures to drive engagement in-store G
Slide 138: Technology
6 Technology 137
Slide 139: To Infinity and Beyond
Investor Day | June 2025 To Infinity and Beyond Nykaa’s Leap from Digital to AI Native Platform
Slide 140: Digital Native vs. AI Native
Investor Day 2025 Digital Native vs. AI Native To Infinity & Beyond DIGITAL AI NATIVE NATIVE Omnichannel presence, self-serve Proactive, conversational, and context- tools for partners aware experiences Teams uses efficiency tools Teams build with AI Copilots Humans analyse dashboards Real-time deci
Slide 141: What does it take to move from Digital Native to AI Native
What does it take to move from Digital Native to AI Native Investor Day 2025 To Infinity & Beyond Organizational AI at the heart of every Humans x AI = Agility experience 100x Throughput DNA to embrace external Create long term moats AI permeates every trends and pivot fast versus through differenti
Slide 142: Organizational Agility
Organizational Agility “It is not the strongest that survive, but the ones most responsive to change” - Charles Darwin Investor Day 2025 | To Infinity and Beyond
Slide 143: Nykaa Tech Agility
Investor Day 2025 Nykaa Tech Agility To Infinity & Beyond We have shown the open mindedness, courage and nimbleness to pivot for better. Future proofing Controlling Our Destiny 2012-2015 - Microservices architecture - In-housing core tech (Ex. Warehouse management - Cloud migration for peak traffic
Slide 144: AI at the heart of every experience
AI at the heart of every experience “Intelligence will become the invisible layer behind every interaction” - Benedict Evans Investor Day 2025 | To Infinity and Beyond
Slide 145: AI at the Core of Customer Experience
Investor Day 2025 AI at the Core of Customer Experience To Infinity & Beyond We will innovate for Our differentiated customer Our AI models will be self consumers and partners. experiences will be built on learning and getting better with And AI will be at the core of in-house AI models and first- e
Slide 146: Smarter Discovery with Semantic Search
Smarter Discovery with Semantic Search (Live on Nykaa Beauty!) Conventional Search Semantic Search Exact Keyword Based, Not Concern Match Understand User Intent, feels like “it just gets me” lip balm for dark lips lip balm for dark lips
Slide 147: Reimagining Beauty Shopping: GenAI Content + Commerce Search
Investor Day 2025 Ex 2: Reimagining Beauty Shopping To Infinity & Beyond From Discovery to Decision (FY’26 Bet) Nykaa’s very own GenAI Powered Content + Commerce Search • Uses Nykaa’s first-party user data to personalise the conversation • Grounded on Nykaa’s proprietary content pool and authentic u
Slide 148: Nykaa Muse
Investor Day 2025 Ex 3: Nykaa Muse To Infinity & Beyond AI Fashion Stylist for Every Occasion, FY’26 bet Introducing Nykaa Muse Your stylist best friend! • Muse turns fashion discovery from a chore into a curated moment • Every look is personalised to the user’s vibe, occasion, and preferences • Doe
Slide 149: Nykaa Pulse
Investor Day 2025 Ex 4: Nykaa Pulse To Infinity & Beyond AI-Powered Brand Intelligence, FY’26 bet Introducing Nykaa Pulse Your Brand AI Copilot • Powered by years of Nykaa’s proprietary first-party data • LLM interface for instant, natural language queries • Diagnose-to-action loop fuels growth acro
Slide 150: Humans × AI = 100x Throughput
Humans × AI = 100x Throughput “The real value of AI comes when it’s embedded into the fabric of how work gets done.” - Satya Nadella Investor Day 2025 | To Infinity and Beyond
Slide 151: Unlock Exponential Productivity with AI
Investor Day 2025 Unlock Exponential Productivity with AI To Infinity & Beyond AI Ubiquitous: AI not siloed Co-pilot first: Every team Real time decision making : to any one department or thinks, acts and builds using Autonomous systems that function. AI co-pilots. don’t just suggest, but take actio
Slide 152: Accelerating Product Development with AI Copilots
Ex 5: Accelerating Product Development with AI Copilots Watch how AI copilots turn Design to functional code - in minutes!
Slide 153: AI is becoming co-author
Investor Day 2025 AI Copilot Adoption: Building Faster, Smarter! To Infinity & Beyond AI is becoming co-author Targeting 50%+ code generation via AI Copilots
Slide 154: NyNaa: Customer Service Automation
Investor Day 2025 Ex 6: Customer Service Automation To Infinity & Beyond “Always on. At your service. Zero wait-time.” Introducing NyNaa Nykaa’s AI Support Voicebot • Instantly answers queries with natural, human-like tone • No hold time - faster resolutions, smarter service • Live (Beta) on Nykaa -
Slide 155: We Are Swinging to the Fences! FY'26 Goals
Investor Day 2025 We Are Swinging to the Fences! To Infinity & Beyond Our FY’26 Goals: Bold, Focused, Measurable 40+ 50% 70% 30% GenAI initiatives in Of code to be AI- CS load to be Productivity gains Central SamurAI motion generated handled via AI org-wide Team From personalisation Developers Copil
Slide 156: To Infinity & Beyond with AI – Thank You
To Infinity & Beyond, …….. with AI Thank You!
Slide 157: Financial Performance
7 Financial Performance 156
Slide 158: FY'25 Financial Performance Snapshot
FY’25 Financial Performance Snapshot Strong Topline Growth Improving Profitability Strengthening Balance Sheet EBITDA Rs. 474 Crs GMV Rs. 15,604 Crs +37% YoY Gr% ROCE 11.3% +25% YoY Growth Margin : 6.0% (∆+54 bps) ∆ +376 bps (from 7.5% LY) PBT Rs. 127 Crs Net Revenue Rs. 7,950 Crs +85% YoY Gr% Net W
Slide 159: Robust Multi Year Performance
Robust Multi Year Performance Consistent Revenue Growth EBITDA Margin Expansion Strong Balance Sheet 1,343 Revenue from operations (Rs Crs) EBITDA (Rs Crs) 11.3% 35% 7,950 41% 323 474 Expanding 6,386 Net Worth 5,144 346 (Rs Crs) FY 20 FY 25 3,774 256 11.3% 2,441 157 163 Return On 1,768 Capital 84 Em
Slide 160: Topline growth on focused execution on strategic pillars
All Rounded Topline growth on the back of focused execution on strategic pillars Vertical Play Channel Expansion Channel 5 yr CAGR Diversified investments Beauty Fashion Online (Platform) 39% accelerating growth Retail (Incl Kiosk) 45% opportunities 36% 83% GT (Incl EB2B) 103% 5 year CAGR 5 year CAG
Slide 161: Disciplined Approach to Profitable Growth
Disciplined Approach to Profitable Growth EBITDA Expansion 9.2% 8.6% 8.7% 8.9% Beauty Deep Focus on Unit economics for each 7.8% business, with differentiated business Model 6.5% Culture of Efficiency embedded throughout the -8.3% business with sharp Consumer Centric Approach -11.3% -10.3% -13.7% -1
Slide 162: Operational Effectiveness with focus on sustained growth
Operational Effectiveness with focus on sustained growth & consumer experience Long term investment in New Focus on faster deliver and Cost optimization and Scale Customer Acquisition and category improved efficiency efficiencies building Initiatives Fulfilment Expenses Marketing Spends Overheads* 1
Slide 163: Efficient Capex Utilisation
Efficient Capex Utilisation Capex (Rs crs)* 250 5.4% 6.0% • Peak investment in warehouse/office infra 2.9% 3.6% % Net 4.0% behind us Revenue200 1.8% 1.6% 2.0% 205 • Retail Store expansion to continue 183 150 0.0% -2.0% 128 100 • Investments in tech & Automation as we 115 -4.0% 50 -6.0% continue to f
Slide 164: Delivering on Balance Sheet strength
Delivering on Balance Sheet strength Focus on capital efficiency, resulting in consistent ROCE improvement ROCE % Working Capital % Revenue Fixed Asset Turnover Ratio 12.1% 9.1 11.3% 7.6 9.0% 4.6% FY 20 FY 25 FY 20 FY 25 FY 20 FY 25 WC Days 44 Days 34 Days Working capital days is computed on Revenue
Slide 165: Sharp Capital Allocation For Long Term Value Creation
Sharp Capital Allocation For Long Term Value Creation 1. Profitable Growth supported by 4.Deploy Excess Free Cash Flow Strategic Investments in Core Strategic M&A businesses Drive Value Through Growth (Investments into D&K, Earth-rhythm) (Investments in New Customer Acquisition, Faster O2D , Tech au
Slide 166: Large lifestyle ecosystem with total capital raise of $140mn
We have built a large & growing lifestyle ecosystem with a total capital raise of $140mn $140 mn Capital raised* till date Beauty Fashion Nysaa & other new Ecosystem Ecosystem high-growth ventures Online, Retail, House Online, House of Nykaa of Nykaa Brands, Brands eB2B FY25 $3.20 mn GMV $1,527 mn $
Slide 167: Key Takeaways
Key Takeaways • Sharp Focus on unit economics Fuels Growth with Improved Margins • Efficient Capital Utilisation resulting in Building an consistent improvement in ROCE Organization with consistent growth & long-term value creation • Funding Growth businesses through Internal Accruals • As Growth Bu
Slide 168: Thank You
THANK YOU