Brands
Nykaa’s profit more than doubles as growth and margins align
MUMBAI: Nykaa’s latest numbers suggest the beauty playbook is working and this time, it’s not just about looking good. FSN E-Commerce Ventures Ltd reported a sharp jump in profitability for the quarter ended December 31, 2025, as scale, tighter cost control and stronger margins finally came together. Net profit attributable to equity shareholders surged 143 percent year on year to Rs 63.31 crore, compared with Rs 26.10 crore in the same quarter last year. The improvement came even as the company continued to invest in growth across beauty, fashion and physical retail.
Revenue from operations rose 26.7 percent to Rs 2,873.26 crore in Q3 FY26, up from Rs 2,267.21 crore a year earlier. Total income for the quarter stood at Rs 2,879.52 crore, reflecting sustained demand across Nykaa’s core verticals.
Costs moved higher, but at a slower pace than revenues. Total expenses increased to Rs 2,753.54 crore, compared with Rs 2,228.18 crore last year. Purchase of traded goods climbed to Rs 1,504.77 crore, while employee benefits expense rose to Rs 202.90 crore, underscoring continued expansion across teams and platforms.
Even so, operating leverage kicked in decisively. Profit before tax more than doubled to Rs 109.62 crore, from Rs 44.56 crore a year earlier, despite exceptional items of Rs 16.36 crore during the quarter. After a tax outgo of Rs 41.88 crore, net profit for the period came in at Rs 67.74 crore, with non-controlling interests accounting for the balance.
Earnings per share improved sharply to Rs 0.22, compared with Rs 0.09 in the same quarter last year, a small number, but a telling one for a company long judged on growth rather than profit.
Nykaa also delivered its highest-ever quarterly GMV, with consolidated GMV rising 28 percent year on year to Rs 5,795 crore. The performance was driven by steady momentum in Beauty and a faster-than-expected pickup in Fashion, resulting in mid-20s net sales value growth across verticals.
Profitability at the operating level showed the clearest shift. EBITDA jumped 63 percent to Rs 230 crore, while margins expanded to 8.0 percent, up from 6.2 percent a year earlier. Gross profit rose 31 percent to Rs 1,297 crore, signalling improving efficiency alongside scale.
The Beauty business once again did the heavy lifting. GMV in the segment climbed 27 percent to Rs 4,302 crore, marking its largest quarter to date, supported by growth across online channels, physical stores and owned brands under the House of Nykaa.
Customer metrics also moved in step. Nykaa’s cumulative Beauty customer base crossed 42 million, up 30 percent year on year, while its overall customer base across platforms rose to 52 million, a 31 percent increase.
The verdict from this quarter is clear. Nykaa’s growth story is no longer just about expanding the top line, it’s about proving that scale, when handled well, can finally pay back.
Brands
Lululemon picks former Nike executive to be its next chief
Heidi O’Neill, who helped grow Nike into a $45 billion giant, will take the top job in September
CANADA: Lululemon has found its next chief executive, and she comes with serious credentials. The athleisure giant named Heidi O’Neill as its new CEO on Wednesday, ending a search that has left the company running on interim leadership since earlier this year. O’Neill will take charge on September 8, 2026, based out of Vancouver, and will join the board on the same day.
O’Neill brings more than three decades of experience across performance apparel, footwear and sport. The bulk of that time was spent at Nike, where she was a central figure in one of corporate sport’s great growth stories, helping take the company from a $9 billion business to a $45 billion global powerhouse. She oversaw product pipelines, brand strategy and consumer connections, and played a significant role in shaping how Nike spoke to athletes around the world. Earlier in her career, she worked in marketing for the Dockers brand at Levi Strauss. She also brings boardroom experience from Spotify Technology, Hyatt Hotels and Lithia and Driveway.
The board was unequivocal in its enthusiasm. “We selected Heidi because of the breadth of her experience, her demonstrated success delivering breakthrough ideas and initiatives at scale, and her ability to be a knowledgeable change and growth agent,” said Marti Morfitt, executive chair of Lululemon’s board.
O’Neill, for her part, was bullish. “Lululemon is an iconic brand with something rare: genuine guest love, a product ethos rooted in innovation, and a global platform still in the early stages of its potential,” she said. “My job will be to accelerate product breakthroughs, deepen the brand’s cultural relevance, and unlock growth in markets around the world.”
Until she arrives, Meghan Frank and André Maestrini will continue as interim co-CEOs, before returning to their previous senior leadership roles once O’Neill steps in.
Lululemon is betting that a Nike veteran who helped build one of the world’s most powerful sports brands can do something similar for an athleisure label that has genuine love from its customers but is still chasing its full global potential. O’Neill has done it before at scale. The question now is whether she can do it again.
