FSN E COMMERCE VENTURES

Sells beauty, fashion and other lifestyle products to Indian consumers through its online platform, a network of 313 physical stores across 99 cities, and quick-commerce channels. Beauty accounted for 91.2% of segment revenue in FY26 at ₹9,139.49 crore, with Fashion at 8.3% (₹832.16 crore) and Others at 0.5% (₹50.7 crore). The beauty vertical recorded FY26 GMV of ₹15,000 crore at a 9.6% EBITDA margin, including the House of Nykaa owned-brands portfolio at ₹2,788 crore (+65% YoY); Nykaa Fashion generated ~₹5,000 crore of FY26 GMV (+30% YoY) and turned EBITDA positive at +0.3% in Q4 FY26. Across both verticals the platform sells more than 10,000 brands and serves over 55 million customers, with 1,500 new brands onboarded in FY26 alone. Other operating expenses (29.9% of revenue) and employee costs (7.7%) are the largest cost lines; depreciation is 3.2% and capex is 1.5% of revenue, reflecting an asset-light model. Plans to add 50-60 new stores in FY27 towards a target of ~500 stores in 3-4 years, and manages the Nike.com and Nike app end-to-end since February 2026.