Nykaa's Beauty Verticle Delivers INR 11,800 Crore GMV in FY25 Falguni Nayar, executive chairperson, founder & CEO of Nykaa, said the company's beauty business had grown fivefold over the past five years, while its fashion vertical expanded twentyfold
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Nykaa, one of India's leading beauty and lifestyle retailers, outlined its long-term growth strategy at its annual investor day 2025, emphasizing resilience and expansion despite headwinds in the broader e-commerce space. The update was shared via a press release by the company.
While sector-wide growth has moderated, Nykaa reported strong performance across all its verticals (beauty, fashion, and B2B distribution) highlighting a multi-pronged strategy designed to keep pace with India's evolving consumer market. The company's gross merchandise value (GMV) for the beauty verticle reached INR 11,800 crore in FY25, posting a five-year compound annual growth rate (CAGR) of 36 per cent.
Falguni Nayar, executive chairperson, founder & CEO of Nykaa, said the company's beauty business had grown fivefold over the past five years, while its fashion vertical expanded twentyfold. "Even in a cautious macro, we've continued to grow with discipline and purpose. Beauty remains a powerhouse, our B2B play is scaling well, and we see recovering momentum in fashion," Nayar stated.
India's retail and e-commerce sectors are undergoing a digital transformation, with lifestyle segments expected to play a key role. The country's e-commerce market is projected to touch $170–190 billion by FY30, with beauty and fashion contributing over one-third of this growth. Nykaa, which claims a 30 per cent+ share of the online beauty and personal care market, has positioned itself at the heart of this shift.
The company also pointed to the rising influence of Gen Z, which now accounts for 44 per cent of spending in beauty and personal care on its platform. "India is now on every global beauty company's radar," Nayar noted, citing the acceleration of premiumization and digital discovery. Global brands such as CHANEL, YSL, and NARS are among the fastest-growing on Nykaa.
On the fashion front, Nykaa Fashion posted INR 3,800 crore in GMV for FY25, supported by a growing portfolio of over 4,500 brands and a sharp focus on high-value customers. With an average order value roughly twice the industry standard, the fashion arm is aiming for three to fourfold growth over the next five years, targeting an eventual EBITDA margin of around 10 per cent.
Meanwhile, the House of Nykaa, a portfolio of in-house consumer brands, crossed INR 2,100 crore in GMV in FY25. Five of its brands surpassed INR 100 crore in GMV, including three that exceeded INR 200 crore, underscoring the company's growing presence in direct-to-consumer segments.
