WEDNESDAY, 7 OCTOBER 2026

QHAAT

Today in Indian Retail

Ecommerce

Nykaa adds 14 stores to 338, clocks strong Q2 growth ahead of festive

Beauty and fashion both beat estimates; House of Nykaa brands and Nike drops keep the till busy while SuperStore scales.

, Editor··4 min read

Open beauty product testers and mirrors on a clean white retail counter under soft spotlights
Open beauty product testers and mirrors on a clean white retail counter under soft spotlights

FSN E-Commerce Ventures indicated consolidated GMV growth around 30 per cent year-on-year for the September quarter, with NSV in the early 30s and net revenue in the late 20s. Nykaa added 14 stores, taking the total to 338 as of 30 September. Beauty and personal care grew in the high 20s; fashion NSV is expected in the high 40s.

The 4 October business update showed like-for-like store growth in the early 20s, the highest in six quarters. Over 250 brands were added in fashion during the quarter alongside continued Nike exclusive drops.

At the beauty counter the extra doors mean more trial of House of Nykaa SKUs before the customer reorders on the app. A dark-store picker now competes with the physical store for the same lipstick or serum that once waited for a weekend mall trip.

Nykaa added 14 stores last quarter, taking the total to 338.

Strong numbers help Nykaa’s own brands and premium partners that need controlled distribution. They squeeze pure D2C beauty labels that rely on marketplace discounting and put pressure on traditional chemists losing the impulse basket.

Watch full Q2 results for Ebitda margin trajectory and whether SuperStore’s lower-margin B2B growth dilutes the core; festive sell-through in October-November will set the tone for the stock.

Filed under Ecommerce·Ananya Rao

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