New Delhi, Aug. 19 -- Shares of FSN E-Commerce Ventures Ltd have advanced 33% so far in 2025 as Nykaa's parent company proved to be resilient amid increased competition from quick commerce companies and slowing urban consumption.

Nykaa has scale, brand salience and a beauty segment that continues to report strong growth even as the fashion segment's losses are a sore spot. The beauty segment's annual unique transacting customers grew 26% year-on-year in the June quarter (Q1), while average order values improved 4%.

More buyers increasing spending per purchase powered a 26% growth in beauty gross merchandise value (GMV).

Nykaa has two key growth engines: premiumization and penetration. Premiumization is being pushed through campaigns li...