Retail

Nykaa adds 14 stores to reach 338 in Q2

Beauty-and-fashion platform guides late-twenties net revenue growth while like-for-like store sales hit a six-quarter high.

Meera Iyer, Retail correspondent·5 October 2026·4 min read

Modern beauty retail counter with product shelves and soft lighting

FSN E-Commerce Ventures said consolidated net revenue growth for the September quarter is expected in the late twenties year-on-year. The company added 14 net new stores, taking the retail network to 338 as of 30 September 2026. Like-for-like store sales growth was in the early twenties, the highest in six quarters, according to the 4 October business update.

Beauty NSV and net revenue are seen in the late twenties while Fashion NSV is guided in the late forties and net revenue in the early forties. GMV growth is expected close to the high twenties and NSV in the early thirties.

For the shop floor the LFL jump means higher conversion and ticket size inside existing outlets, reducing the need for heavy discounting at the till during the early festive window. Dark-store and marketplace sellers face stiffer omnichannel competition from Nykaa’s physical presence.

Nykaa added 14 net new stores during the quarter, taking its total retail network to 338 stores.

The store ramp helps House of Nykaa brands and squeezes pure D2C beauty labels that lack offline reach. It also pressures department-store beauty counters on footfall.

Watch Q3 festive delivery as the bulk of the season falls into October-December, plus any further store openings before Diwali.

Filed under Retail·Meera Iyer

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