The stock of Nykaa’s parent company, FSN E-Commerce Ventures, rose nearly 7%, or $8.50, to 132.70 a day after the announcement was made the appointment of P Ganesh as Chief Financial Officer.
Ganesh takes over for Arvind Agarwal, who decided to resign in November of last year.
The stock opened marginally higher at 125.50 versus the previous close of 124.75 and continued to rise to 134.20 before reversing some of its gains.
The company’s shares have been in the news, drawing criticism from investors over its IPO valuations due to the stock’s drop since its listing as pre-IPO investors sold stakes after the mandatory lock-in period expired.
From January 24 through 8, the stock fell every single day. On the BSE, Nykaa shares decreased by 1.96% on Monday to close at 124.75 per share.
A 52-week low for the company’s stock price was $112.75 on January 23, 2023, and a 52-week high was $332.30 on January 24, 2022.
Nykaa has not yet released its third-quarter financial year 23 results. In Q2FY23, the company reported a five-fold increase in its consolidated net profit over the previous year, coming in at 5 crores.
Falguni Nayar founded the Indian e-commerce business Nykaa in 2012 and has its headquarters in Mumbai. Beauty, wellness, and fashion products are sold on its websites, mobile apps, and in more than 100 physical stores. It became the first unicorn startup in India to have a female CEO in 2020.
Nykaa sells products that are made both domestically and abroad. The business switched from an online-only to an omnichannel model in 2015 and started selling items other than cosmetics. By 2020, it will sell 200,000 products from over 2,000 brands on its platforms.
Nykaa has some house brands in the fashion and beauty industries. Some of them consist of the following:
Nykaa House of Brands: Kay Beauty, Nykaa Naturals, and Nykaa Cosmetics
Nykaa Fashion: 20 Dresses, RSVP, Mondano, Likha, Pipa Bella, Nykd by Nykaa