Nykaa Share Rise 4.8 Per Cent After Men's Innerwear Brand Launch The TPG-backed company, Nykaa Fashion, on Wednesday, launched Gloot, its first innerwear and athleisure brand for men
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Shares of cosmetics-to-fashion retailer, Nykaa, jumped 4.8 per cent, on Thursday. This rise happened a day after the company announced its foray into the men's innerwear and athleisure category with a new brand. On BSE, the stock hit a day's high of INR 1469.85. As per reports, the TPG-backed company, Nykaa Fashion, on Wednesday launched Gloot, its first innerwear and athleisure brand for men.
While launching the new brand, Preeti Gupta, chief business officer of Nykaa Fashion, said in a news report quoted as saying, "With Gloot, we have infused technology into innerwear and casual wear which results in the ultimate comfort for men. Be it with the fit advisor tool, the anti-stain, anti-odour, shorts, joggers or even the SAC technology which prevents riding up of underwear, Gloot is a highly intelligent tech creation that will solve all the casual concerns consumers have with underwear."
As per reports, Nykaa had a strong market debut in November 2021. It fetched the country's first women-led unicorn valuation of nearly $14 billion, beating the position of food delivery startup, Zomato's $13.28 billion debut in July 2021.
According to earlier reports, Nykaa reported a 58 per cent year-0n-year decline on its consolidated profit after tax (PAT) at INR 7.6 crore in FY22. Its operational revenue grew 31 per cent at INR 973.3 crore from INR 740.5 crore a year ago, while its gross merchandise value of its fashion vertical grew 168 per cent at INR 1751 crore in FY22.
As per a recent study by Research and Markets, India's beauty and personal care market is estimated at $24.53 billion in 2022 and is expected to reach at $33.33 billion by 2027 at a CAGR of 6.32 per cent.