Fsn E-commerce Ventures Ltd. · NSE:NYKAA
Fsn E-commerce Ventures — Shareholder Meeting (August 2025)
73 slides from Fsn E-commerce Ventures's shareholder meeting presentation, Aug 25, 2025
Slide 1: FSN E-Commerce Ventures Limited
FSN E-Commerce Ventures Limited August 25, 2025 National Stock Exchange of India Limited BSE Limited Symbol: NYKAA Scrip Code: 543384 Dear Sirs, Sub: Presentation made at the 13th Annual General Meeting (AGM) of the Company With reference to the captioned subject, please find attached herewith the p
Slide 2: Welcome to the 13th Annual General Meeting
WELCOME TO THE 13TH ANNUAL GENERAL MEETING FSN E-COMMERCE VENTURES LIMITED August 25, 2025, 10:30 AM 1
Slide 3: Table of Contents
Table of Contents 1 Industry Outlook 2 One Nykaa Overview 3 Beauty Multi Brand Retail 4 House of Nykaa 5 Superstore By Nykaa 6 Fashion 7 Technology 8 ESG 2
Slide 4: Industry Outlook
Industry Outlook 3
Slide 5: 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 FY30E FY20 FY25 FY30E India economy ranking GDP per capita CAG
Slide 6: India retail market to surpass $1.6 trillion by 2030
India retail market to surpass $1.6 trillion by 2030 Retail FY2025-30E India retail market size ($ tn) ranking (FY25) CAGR % ~1.7x #3 9-10% 1.3x ~1.6-1.8 #2 ~8% ~1.0 ~0.8 FY20 FY25 FY30E #1 ~7% 5 Source: Redseer (India’s got retail 2025)
Slide 7: Online Beauty and Fashion to drive India E-com growth story
Online Beauty and Fashion to drive India E-com growth story India E-commerce market size ($ bn) 18%+ 170 – 190 20% ~60 ~25 FY20 FY25 FY30E India E-commerce market mix Beauty + Fashion 21% 35% 39% 79% Others 65% 61% Source: Bain (How India shops online 2024/2025) 6
Slide 8: India E-retail surges ahead with young and tech savvy shopper base
India E-retail surges ahead with the fastest growing young and tech savvy shopper base E-commerce shoppers (mn) in FY25 India Population (bn) – FY25 ~920 400 mn+ E-commerce shoppers base in FY30E 0.4 bn 1.4 bn 26% Gen Z population ~270 270 - 280 Gen Z shopper base to drive ~50% of India consumption
Slide 9: India lifestyle categories (BPC + Fashion), the fastest growing in discretionary space
India lifestyle categories (BPC + Fashion), the fastest growing in discretionary space India Online BPC ($ bn) India Online Fashion ($ bn) 3x 3x 55-60 14-15 18 5 FY25 FY30E FY25 FY30E Source: Redseer Report (india’s got retail 2025 and 3MQ report Jun 2025) 8
Slide 10: Nykaa Overview
Nykaa Overview 9
Slide 11: One Nykaa GMV grew ahead of India e-commerce in the last 5 yrs
One Nykaa GMV grew ahead of India e-commerce in the last 5 yrs One Nykaa GMV (Rs Cr) 25% YoY 15,600 12,445 9,745 6,930 4,050 2,690 FY20 FY21 FY22 FY23 FY24 FY25 42% 20% One Nykaa GMV CAGR [FY20 – 25] India E-commerce CAGR [FY20 – 25] * FY20 New businesses GMV included in Beauty Source: Bain (How Ind
Slide 12: 6X growth in 5 years across Beauty, Fashion & Beyond
6X growth in 5 years across Beauty, Fashion & Beyond House of Nykaa - Fashion, 3% Fashion, 20% Fashion, House of House of Nykaa - Fashion, 1% 7% Nykaa - Beauty, 9% Superstore, 6% BPC Offline, 6% House of Nykaa - BPC Online, 59% Beauty, 11% BPC Online, 87% BPC Offline, 6% Rs 2,690 Cr Rs 15,600 Cr [FY
Slide 13: FY25 – At a Glance
FY25 – At a Glance Customers Beauty Stores 250 * 42 mn+ Beauty stores [largest specialized beauty store network] Cumulative Customer Base [28% YoY] 82 cities Brands Quicker delivery 9,000+ 7 50+ Brands* cities Rapid Stores* Largest beauty assortment in India Highest ever brands launched in [Best in
Slide 14: Beauty Multi Brand Retail
Beauty Multi Brand Retail 13
Slide 15: Beauty reached $1.5 bn GMV, growing 5x in last 5 years
Beauty reached $1.5 bn GMV, growing 5x in last 5 years GMV (Rs Cr) 1.5 bn 30% YoY Visits 36% 5-yr CAGR 11,775 36 mn Monthly Average Unique Visitors 9,055 7,060 5,100 34 mn+ 3,380 Cumulative Customer Base 2,490 FY20 FY21 FY22 FY23 FY24 FY25 54 mn+ Omnichannel Orders 14 FY20 GMV includes New businesse
Slide 16: FY25 had the highest number of brand launches ever
Nykaa remains the #1 partner of choice for global beauty brands to enter India Renowned French cosmetics Leading global luxury haircare Premium skincare brand from One of the most renowned World – renowned hair styling and skin care brand founded by brand from L’Oreal, high on Beiersdorf possessing
Slide 17: Momentum continues in FY26 with big bang launches
… Momentum continues in FY26 with big bang launches Iconic French luxury brand, celebrated for timeless Prestige beauty brand from Giorgio Armani, Viral US-based suncare brand, making SPF a daily Viral Korean skincare brand, loved for gentle, elegance in fragrance, beauty, and skincare. blending ele
Slide 18: Achieved 250 stores milestone in Jul'25
India’s largest specialized beauty retail network Achieved 250 stores milestone in Jul’25 Store Count 237 250 187 145 104 First physical 67 72 store launch in Delhi FY15 FY20 FY21 FY22 FY23 FY24 FY25 Jul'25 Strong presence across 82 cities 2.5 L sq. ft+ Total Area (as on Jul’25) North – 81 stores (a
Slide 19: Unique store formats to deliver differentiated experiences
Unique store formats to deliver differentiated experiences 1.2L 1.25L 9K sq.ft. sq.ft. KIOSK sq.ft. 10 75 116 46 3 Flagship stores Luxe stores Stores Multi-brand Single brand Exclusive House of Brand specific POS Large format, experience led stores Curated collection of 80+ Nykaa point of sales touc
Slide 20: Nykaa stores are becoming a destination for indulgence
Nykaa stores are becoming a destination for indulgence Events Hair styling services Nail spa services Skin consultation and Facials Makeovers 19
Slide 21: Nykaa stays at forefront of beauty category building with consumer immersion initiatives
Nykaa stays at forefront of beauty category building with consumer immersion initiatives Nykaaland 2024: India’s biggest beauty Nykaa Wali Shaadi: India’s go to festival was a resounding success destination for all things weddings 360o degree campaign to own every bridal beauty moment and make Nykaa
Slide 22: Delivering convenience and choice by being closer to the customer
Delivering convenience and choice by being closer to the customer Largest network of beauty warehouses, physical retail stores and [Best in Beauty delivered in rapid stores across the country 30 -120 mins] Rapid Stores 50+ Cities 7 Orders delivered till date 1.3 mn+ Largest assortment from best of b
Slide 23: Introducing NykaaNOW
Introducing NKAANOW
Slide 24: House of Nykaa
House of Nykaa
Slide 25: House of Nykaa scaled 8x in last 5 years, achieving Rs 2,100 Cr+ GMV
House of Nykaa scaled 8x in last 5 years, achieving Rs 2,100 Cr+ GMV GMV (Rs Cr) Rs 2700 Cr GMV run rate in Q1FY26 8x 2,125 1,510 1,120 695 390 240 FY20 FY21 FY22 FY23 FY24 FY25 Partnered with Katrina Kaif, to Launched “Nykd” Acquired 51% stake in Acquired minority stake in Rs 900 Cr+ launch Kay Bea
Slide 26: Welcome to the House of Nykaa
Welcome to the HOUSE OF WAR India’s 2"¢ largest homegrown beauty business*
Slide 27: House of Nykaa
We are the House of Nykaa India’s 2nd largest homegrown beauty brands portfolio Rs 1.7k Cr+ 7 GMV 13 mn+ 38k+ Beauty Brands Customers Physical distribution points Rs 2.3k Cr GMV run rate in Q1FY26 26
Slide 28: Rs 350 Cr+ brand built for youthful beauty consumer
India’s trendiest brand built for the youthful beauty consumer of today, and tomorrow Rs 350 Cr+ Top 5 250 38K+ GMV Makeup brand on Nykaa Nykaa stores Physical distribution points
Slide 29: India's first & most successful celebrity beauty brand
India’s first & most successful celebrity beauty brand Rs 240 Cr+ Top 5 250 60+ GMV Makeup brand on Nykaa Nykaa stores New launches in FY25
Slide 30: Kay Beauty to make historic UK debut soon with exclusive launch at Space NK
Kay Beauty to make historic UK debut soon with exclusive launch at Space NK The first beauty brand founded in India to join Space NK’s curated global portfolio [UK’s most prestigious luxury beauty retailer with 80+ stores across UK] 29
Slide 31: India's largest and most loved new age skincare brand
India’s largest and most loved new age skincare brand Rs 900 Cr+ #1 50%+ 20K GMV Skincare brand on Nykaa Customer retention Physical distribution points
Slide 32: Simplifying lingerie for Indian women
Simplifying lingerie for Indian women Rs 160 Cr+ #1 Among Top 33% GMV Lingerie brand on Nykaa Selling Customer repeat In bra category on Amazon
Slide 33: Chic and trendy western wear styles for all occasions
Chic and trendy western wear styles for all occassions Rs 100 Cr+ 1,150+ Top 5 23%+ GMV Styles launched [FY25] Customer repeat in westernwear on Nykaa
Slide 34: Serving the Underserved via Technology
Brand/ Retailer Manufacturer Focus on BPC & Focus on Underserved Wellness Retailers i.e. Beauty centre, pharmacy Serving the Underserved via Technology 33
Slide 35: Superstore GMV has Tripled in the Last Two Years
Superstore GMV has Tripled in the Last Two Years Driven by Strong Growth in Cumulative Transacting Customers (‘000)… ~3x 276 GMV (Rs Cr) 195 1080% 84% 57% 112 19 941 3x FY22 FY23 FY24 FY25 Cities 300+ 650+ 950+ ~1,100 597 …And Growth in Order Volume 325 ~3x 28 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25
Slide 36: Portfolio of 200 National, Regional and D2C Brands
Portfolio of 200 National, Regional and D2C Brands National D2C Regional 35
Slide 37: Contribution Margin improvement of 484 bps
Sales mix, scale and efficiencies leading to unit economics improvement Gross Margin Fulfilment Cost Selling & Distribution Cost 196 bps 125 bps 158 bps FY24 FY25 FY24 FY25 FY24 FY25 • Increasing share of House of Nykaa brands, • Moving from 3P to owned warehouses • Improving BDE Productivity
Slide 38: Nykaa Fashion
Nykaa Fashion 37
Slide 39: Fashion delivered growth ahead of industry, despite consumption slowdown
Fashion delivered growth ahead of industry, despite consumption slowdown GMV (Rs Cr) 600 mn+ 12% YoY Visits 82% 5-yr CAGR 3,804 3,385 19 mn+ 2,681 Monthly Average Unique Visitors 1,832 8 mn Cumulative Customer Base 666 187 FY20 FY21 FY22 FY23 FY24 FY25 8 mn Orders 10% YoY India Online Fashion [FY25]
Slide 40: 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% Best in class AOV Hig
Slide 41: 100+ National brands
Strategic partnerships with leading National Fashion Houses & Brands ABFRL Arvind Other Large National Brands TCNS Bestseller 100+ National brands 40
Slide 42: 500+ D2C brands
A strong portfolio of established D2C brands 500+ D2C brands 41
Slide 43: 300+ Hidden Gem brands
Curated collection of niche homegrown labels 300+ Hidden Gem brands 42
Slide 44: House of Nykaa – Leading brands across categories
House of Nykaa – Leading brands across categories House of Nykaa 43
Slide 45: Nykaa Fashion: Gateway to premium and global Fashion in India
Nykaa Fashion : Gateway to premium and global Fashion in India 1,000+ international brands 44
Slide 46: Strong partnership with leading global retailers
Strong partnership with leading global retailers Retailer partnerships Business/ Tech integration models 1. B2B2C cross-border integration 2. Full stack enterprise solution 3. Multi-marketplace enablement Big marquee launches planned in H2 FY-26 45
Slide 47: The Nykaa Fashion Edit – Curated Stores by Stylists
The Nykaa Fashion Edit – Curated Stores by Stylists Elevated shopping experience Occasion Based Stores Trend Based Stores Festive Stores Influencer Stores Objective: To Position Nykaa Fashion as #1 Trend & Style first Shopping Platform in India 46
Slide 48: Building assortment with marquee brands across categories
Building assortment with marquee brands across categories GenZ Store Men Kids Home Accessories 47
Slide 49: Improving Profitability with operating leverage and scale efficiencies
Improving Profitability with operating leverage and scale efficiencies Gross margin Contribution margin EBITDA margin FY20 FY25 49.0% 7.9% -8.3% 33.0% 3.6% -28.3% FY20 FY25 FY20 FY25 All margins are as % of NSV 48
Slide 50: Technology
Technology NKA
Slide 51: Nykaa to transform from Digital Native to AI Native
Nykaa to transform from Digital Native to AI Native 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 decisions delegated
Slide 52: AI will be at the core of customer experience
AI will be at the core of customer experience 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- each customer interaction every
Slide 53: Reimagining Beauty Shopping: From Discovery to Decision
Reimagining Beauty Shopping: From Discovery to Decision 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 user reviews • Commerce is integral in the conversation “
Slide 54: Nykaa Muse: AI Fashion Stylist for Every Occasion
Nykaa Muse: AI Fashion Stylist for Every Occasion 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 • Doesn’t just recommend outfits – It inspires them! “Curated, contextua
Slide 55: We are accelerating product development with AI
We are accelerating product development with AI 54
Slide 56: Our FY26 goals are Bold, Focused and Measurable
Our FY26 goals are Bold, Focused and Measurable 40+ 50% 70% 30% GenAI initiatives in motion Of code to be AI-generated CS load to be handled via AI Productivity gains org-wide From personalisation to Developers Copilots driving Omnichannel Bots (Voice & Embedding AI across automation - across consum
Slide 57: Financial performance
Financial performance 56
Slide 58: Strong growth in revenue and profitability maintained over the years
Strong growth in revenue and profitability maintained over the years YoY 5-yr CAGR Revenue (Rs Cr) EBITDA (Rs Cr)/ EBITDA Margin (%) 24% YoY 37% YoY 35% 5-yr CAGR 41% 5-yr CAGR 7,950 475 6,385 345 5,145 255 3,775 155 165 2,440 1,770 85 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 4.7%
Slide 59: Improved capital efficiency and healthy returns
We have consistently improved capital efficiency and delivered healthy returns Fixed Asset Turnover (x) Working Capital Days (#) ROCE (%) 11.3% 9.1 9.1 44 42 9.5% 40 7.4 7.0 7.5% 34 6.6% FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 1. Working capital days is computed on Revenue from O
Slide 60: Large & growing 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 $3.2 mn GMV $1,527 mn $4
Slide 61: ESG
BSG NIKAK
Slide 62: Nykaa Values
Nykaa Values 61
Slide 63: Cultivating value for every stakeholder
Cultivating value for every stakeholder 8,600+ 19,300+ Brand partners Suppliers (including 7 logistics partner) 13,000+ 5,000+ Direct employment MSME Vendors generation 28,000+ 3.6 Lacs Retailers supported Influencer Network through Superstore *3,735 onroll employees and 9,536 off role employees 62
Slide 64: Nykaa 10x10 initiatives: Sustainability at the Core of Operations
Nykaa 10x10 initiatives : Sustainability at the Core of Operations Zero paper 96% 160 MT 2,003 MT plastic waste recycled Carton waste recycled utilization sustainable For order processing packaging of orders delivered in FY25 63
Slide 65: Nykaa 10x10 initiatives: Sustainability at the Core of Operations
Nykaa 10x10 initiatives : Sustainability at the Core of Operations Superstore by Nykaa House of Nykaa 1.5 mn 100% brand boxes reused corrugated box reused in FY25 in all House of Nykaa warehouses 64
Slide 66: Promoting a Diverse and Inclusive Workforce
Promoting a Diverse and Inclusive Workforce Young Organization Gender Balanced 78% employee 43% Below age 35 yrs Women employee 30% of Nykaa leadership are women 60% Nykaa leadership Under age 40 60%+ Women employees in beauty and fashion category management, Nykaa leadership includes AVP and above
Slide 67: Be Better Everyday Culture
Be OurBetter Everyday values shape a culture that-prioritizes Culture of growth and development employee 1 Nykaa Chairpersons Annual Award 2 Town halls Opportunity for employees to Recognizing exceptional engage with top leadership performance along with directly, facilitating open right values and
Slide 68: Partnered with 12 NGOs, positively impacting lakhs of lives over 5 years
Partnered with 12 NGOs, positively impacting lakhs of lives over 5 years 67
Slide 69: Nykaa Foundation: Empowering women
Nykaa Foundation: Empowering women Supporting 10 vocational training centres with DCCW to empower Partnered with Sambhav Foundation, to equip women from girls and young women underserved communities to become skilled beauty professionals 11,500+ Women empowered till date 68
Slide 70: Nykaa Foundation: Transforming Education
Nykaa Foundation: Transforming Education Revolutionizing STEM education in 30 government schools Provided support to Akanksha Foundation’s school for students from low-income communities Partnered with Rangeet, to launch an app-based learning program “SEEK” 25,000+ Students from low-income groups be
Slide 71: Nykaa Foundation: Upliftment communities
Nykaa Foundation: Upliftment communities Partnered with Rise Against Hunger India, tackling hunger and malnutrition Supported Krida Vikas Sanstha’s (Slum Soccer) to help 50 at-risk underprivileged youth to represent India at 20th Edition of the Homeless World Cup in Sacramento, USA 90,000 Nutritious
Slide 72: Thank You
THANK YOU 71
Slide 73: Disclaimer
Disclaimer By attending the presentation or by reading the presentation slides you agree to be bound as follows: This Presentation is prepared by FSN E-Commerce Ventures Limited (“Company”) and is for information purposes only without regards to specific objectives, financial situations or needs of
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