Through influence on YouTube and Snapchat, data exploitation, physical retail and partnerships with international companies, Nykaa is shifting from a pure-player model to an integrated omnichannel platform. Through Q4 results published on February 5, India’s largest beauty retailer aims to capture more value across the entire chain, from customer acquisition to retail operations.
With results for the quarter ending December 31, 2025, India’s largest beauty retailer Nykaa (9-month revenue to December 31 of US$820 million, up by 25%, across 276 stores) reported “GMV growth has been around 25% for 13 consecutive quarters,” according to C.E.O. Falguni Nayar. For the quarter, GMV rose by 28% and sales by 27% to US$320 million. While the operating-margin ratio reached 45.2% of net revenue, Nykaa’s net-margin ratio stood at 2.4%. In absolute terms, quarterly net profit doubled
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