Nykaa’s parent FSN E-commerce rises 5% after men’s innerwear brand launch

• ByStartupStory     |    July 7, 2022

Nykaa gained 5% today following the e-announcement tailer’s that it is extending into the men’s athleisure and innerwear categories. The parent company of Nykaa, FSN E-Commerce Ventures, saw its stock reach a day high of Rs 1,469.85 on the BSE. The stock was 4% higher at Rs 1,456 at 12:08 p.m. on the stock exchange. The business said on Wednesday that Nykaa Fashion would introduce Gloot, its first men’s athleisure and innerwear line.

Preeti Gupta, Chief Business Officer, Nykaa Fashion, stated in a statement that “With Gloot, we have blended technology into undergarments and casual attire, providing men with the utmost in comfort. Gloot is a highly intelligent tech creation that will address all the typical concerns customers have with underwear. This includes the fit advisor tool, anti-stain, anti-odour T-shirts, shorts, and joggers, as well as the SAC technology that prevents riding up of underwear.

According to Nykaa, the athleisure line starts at Rs 899 and the innerwear range at Rs 499. The new-age stock, which peaked on November 26 at Rs 2,573.70, has since fallen by around 43%. Eight of the 15 analysts that cover Nykaa have strong buy recommendations, while two have to buy recommendations. According to Trendlyne statistics, the average target price of Rs 1,743.7 indicates a possible increase of 24.4%.

Nykaa is a lifestyle shop of goods for fashion, wellness, and beauty. Falguni Nayar founded it in 2012, and in 2015 it switched from an online-only business to an omnichannel one. The company intends to debut on the stock market in FY21 with a valuation of $3.5 billion, with the goal of raising between $500 million and $750 million.

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