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HomeLatest NewsNykaa Shares Rise 4% After Expand Into Men’s Innerwear Category with GLOOT

Nykaa Shares Rise 4% After Expand Into Men’s Innerwear Category with GLOOT

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By Ankush Kumar

On Wednesday, Nykaa announced its expand into men’s innerwear and athleisure category GLOOT. According to the company, the launch of the new multi-brand e-commerce fashion offering was “inspired by the needs of health-conscious individuals”.

Shares of FSN E-Commerce Ventures, the parent company of beauty e-commerce platform Nykaa, closed about 4% higher at INR 1,453.9 on the BSE on Thursday (July 7), a day after the beauty e-commerce platform announced its foray into the men’s innerwear and athleisure category.

In the intraday trading, the shares of FSN E-Commerce rose as much as about 5% to INR 1,469.9, its highest since June 27, before giving up some of the gains.

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On Wednesday, Nykaa Fashion announced its foray into the new categories with the brand GLOOT. While the underwear range will start from INR 499, athleisure will begin from INR 899.

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Nykaa, founded by Falguni Nayar in 2012, has become the go-to e-commerce platform for fashion and beauty products. It competes with the likes of Amazon, Flipkart, Myntra, and Purplle. As of March 31, 2021, Nykaa Fashion housed 1,350 brands and over 1.8 Mn SKUs across women, men, kids, luxe and home categories.

Gajra Gang, Nykd by Nykaa, Pipa Bella, Twenty Dresses, Likha, IYKYK, Kica and RSVP are among the other consumer brands under Nykaa Fashion.

Slice’s losses jumped 394 percent to Rs 8.9 crore in FY21

The startup reported a 58% year-on-year (YoY) decline in its consolidated profit after tax (PAT) at INR 7.6 Cr in the financial year 2021-22 (FY22).

Recently, Slice’s losses jumped 394 percent to Rs 8.9 crore in FY21,.

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