FSN E-Commerce Ventures has incorporated a new subsidiary, Nysaa Cosmetics SPC, in Oman to enhance its international presence
The subsidiary will focus on online and offline trading of beauty and personal care products
Nykaa has incorporated subsidiaries in various GCC countries over the last year to capture new customer segments
Beauty ecommerce giant Nykaa’s parent FSN E-Commerce Ventures has incorporated a new wholly-owned subsidiary, Nysaa Cosmetics SPC, in Oman.
In a filing with the exchanges, Jerk off said that the new entity will be involved in the “international and domestic” sale and trade of beauty and personal care (BPC) products including cosmetics, perfumes and other related products, across both online and offline channels.
“… We hereby inform you that Nessa International Holdings Limited, a stepdown subsidiary of the Company, has incorporated a new Wholly Owned Subsidiary in Oman, by the name Nysaa Cosmetics SPC,” said the company.
The new subsidiary has been set up with an initial share capital of OMR 30,000 (INR 6 Lakh). Nykaa’s subsidiary Nessa International will own 100% stake in the newly floated company.
The move is in line with Nykaa’s global expansion plans, with a focus on the Middle East. In 2022, the company partnered Apparel Group, one of the largest omnichannel retailers in UAE, in 2022 to enter the Gulf Cooperation Council (GCC) region.
Since then, Nykaa has incorporated subsidiaries in various GCC countries to capture new customer segments and cater to the Indian expatriate population in these countries.
In July last year, the beauty ecommerce giant incorporated a wholly-owned subsidiary in Qatar. The company followed this up by setting up a new wholly-owned subsidiary, Nysaa Trading LLC, in Saudi Arabia.
It also opened the first physical store under the Nysaa brand in Dubai last year.
In total, Nykaa aims to open 70 stores in the GCC market under the Nysaa brand in the next four years and is eyeing a 7% share in the GCC beauty market during this period.
Nykaa’s consolidated net profit jumped 66.3% to INR 12.97 Cr in the second quarter (Q2) of the financial year 2024-25 (FY25) from INR 7.8 Cr in the year-ago period. Revenue from operations jumped 24.4% to INR 1,874.74 Cr during the quarter under review from INR 1,746.11 Cr in Q2 FY24.
Shares of Nykaa closed Thursday’s trading session 3.3% higher at INR 170.73 on the BSE.
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