Shares of Nykaa increased as it would now compete with Page Industries in men’s underwear

With GLOOT, Nykaa claimed to have entered the men’s athleisure and underwear market.

In the early trades on Thursday, Nykaa shares increased more than 4% to Rs. 1,455 a share on the BSE after the firm announced that it has expanded into the men’s athleisure and innerwear categories with GLOOT.

By entering the market for men’s innerwear, Nykaa will now face competition from the listed firm Page Industries, which produces and sells innerwear and holds the exclusive licence for Jockey International in India.

“By fusing comfort and technology in a way that is kind to the earth, Nykaa Fashion hopes to revolutionise an often-overlooked niche when it comes to men’s needs with this new brand. The underwear line begins at $499, and athleisure begins at $899, according to the exchange filing.”

“With Gloot, we have blended technology into undergarments and casual attire, providing men with the utmost in comfort. Gloot is an extremely clever technological invention that will allay all the typical problems that customers experience with underwear. In conclusion, Preeti Gupta, Chief Business Officer, Nykaa Fashion, stated, “We are happy to showcase a premium brand where comfort and technology come together to ensure that men can make a seamless transition from home to work to the gym.

Since listing in November of last year, the parent company of Nykaa, FSN E-Commerce Ventures Ltd., has seen a nearly 37 percent decline in share price. This decline is a result of the general market turmoil that has put additional pressure on technology company stock prices as interest rates are expected to rise globally. However, since its IPO issue price of $1,125 per share, Nykaa shares have increased by nearly 28 percent.

For the fourth quarter that ended in March 2022, FSN E-consolidated Commerce’s profit decreased by nearly 57 percent to 7.57 crore, primarily due to new investments. The business reported a profit of 17.9 crore at the same time last year. From 740.5 crore in the same quarter last year, Nykaa’s operational revenue climbed by 31% to 973 crore during the reported quarter.

• Rumi Besra