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ICICI Securities Report
FSN E-Commerce Ventures Ltd.’s 1Q revenue print was above expectation. It continues to invest in growing new businesses along with have resilient unit economics of beauty and personal care and fashion vertical driven by focus towards driving higher conversion and quality traffic.
Further, investments in the differentiated proposition of content, curation, and convenience are yielding result. Efforts to drive higher frequency through launch of Nykaa everyday (everyday BPC products) was a necessity. However, we believe success will not be easy as Nykaa is not the cheapest place for BPC products and neither does Nykaa solve authenticity issue here.
Second, Nykaa’s entry in e-business-to-business business, while will help it get scale, may have lower creation than the core business.
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