Nykaa raises fashion game but beauty segment fades
The relatively newer fashion business is finally adding oomph to FSN E-Commerce Ventures Ltd, the parent company of Nykaa. This vertical put up a strong show on the margin front in the September quarter (Q2FY24), thanks to premiumization, lower product returns and declining marketing expenses. As such, the fashion segment clocked a multi-quarter high contribution profit margin (as a percentage of net sales value) of 4.7%. In Q1, this measure stood at 2.7%. Contribution profit refers to gross profit after adjusting variable expenses such as fulfillment expenses, marketing costs and selling & distribution expenses.
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