Nykaa IPO - Unique E-Commerce Player With Untapped Growth Potential: ICICI Direct
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ICICI Direct's IPO Report
Nykaa is the largest specialty beauty and personal care platform in India in terms of value of products sold in FY21 and one of the fastest growing fashion platforms in India based on growth in gross merchandise value.
The company has the highest average order value among leading online beauty and personal care platforms in India. Nykaa carries a large number of leading luxury and prestige beauty and personal care brands making it the customer’s retail destination of choice in India.
It is a capital efficient business with strong growth and profitability. Its capital turnover ratio improved from 3.1 times in FY19 to 4.2 times in FY21.
Nykaa values its brand relationships and has a team of brand managers who work closely with brands to strategise and execute growth and brand building strategies.
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