External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four-year revenue CAGR: 16%)</li><li>Elevated ticket sizes and store expansion coupled with normalizing footfalls aided growth</li><li>However, in retail, many of these variables are now mean-reverting</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four-year revenue CAGR: 16%)Elevated ticket sizes and store expansion coupled with normalizing footfalls aided growthHowever, in retail, many of these variables are now mean-revertingContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Discretionary - Discretionary Peak Most Certainly Behind Us

Equity Bottom-Up

FSN E-Commerce Ventures (Nykaa) / Equity Bottom-Up

<ul><li>When a buzzword (platforms) emerges that affords (GOD)LY valuations, investors and businesses tend to tie themselves in a knot to claim a credible association of their business with the term</li><li>Hence, many online businesses are termed as platforms, but not all are</li><li>This note is an attempt to help investors understand where we believe Nykaa (India’s go-to BPC e-tailer + fledgling fashion marketplace) fits in</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

When a buzzword (platforms) emerges that affords (GOD)LY valuations, investors and businesses tend to tie themselves in a knot to claim a credible association of their business with the termHence, many online businesses are termed as platforms, but not all areThis note is an attempt to help investors understand where we believe Nykaa (India’s go-to BPC e-tailer + fledgling fashion marketplace) fits inContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fsn E-Commerce Ventures (Nykaa) -  Mirror, Mirror, on the Wall, Is Nykaa a Platform at All?

Fsn E-Commerce Ventures (Nykaa) - Mirror, mirror, on the wall, is Nykaa a platform at all?

India

FSN E-Commerce Ventures Private Limited providese-retailing beauty and personal care solutions. The Company offers comprehensive selection of makeup, skin and hair care, bath body, fragrance, grooming appliances, personal care, and health and welness categories. FSN E-Commerce Ventures serves customers worldwide.

FSN E-Commerce Ventures (Nykaa) (NYKAA IN)

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Consumer Discretionary - Discretionary Peak Most Certainly Behind Us

Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four...

HDFC Securities

Fsn E-Commerce Ventures (Nykaa) - Mirror, Mirror, on the Wall, Is Nykaa a Platform at All?

This note is an attempt to help investors understand where we believe Nykaa (India’s go-to BPC e-tailer + fledgling fashion marketplace) fits in

HDFC Securities

Fsn E-Commerce Ventures (Nykaa) - Mirror, mirror, on the wall, is Nykaa a platform at all?

This note is an attempt to help investors understand where we believe Nykaa (India’s go-to BPC e-tailer + fledgling fashion marketplace) fits in

HDFC Securities