FSN E-Commerce Ventures reported 193 percent surge in consolidated net profit at Rs 20 crore for the quarter ended March, against Rs 7 crore in the year-ago period.

Shares of FSN E-Commerce Ventures Ltd, the parent of beauty products retailer Nykaa, sank on Monday, June 2, after the e-commerce giant reported a strong earnings show for the quarter ended March 31, 2025.

The Nykaa parent reported 193 percent surge in consolidated net profit at Rs 20 crore for the quarter ended March 31, 2025. It reported consolidated net profit of Rs 7 crore in the year-ago period.

The firm’s consolidated revenue rose 24 percent to Rs 2,062 crore in Q4FY25 as against Rs 1,668 crore in Q4FY24. The firm’s consolidated EBITDA rose 43 percent year-on-year to Rs 133 crore and EBITDA margin in Q4FY25 was 6.5 percent as compared to 5.6 percent a year ago.

Further, Nykaa reported consolidated beauty operations sales of Rs 1,895 crore in Q4FY25 as compared to Rs 1,520 crore in Q4FY24. The firm’s consolidated fashion revenue rose to Rs 161 crore in March quarter from Rs 145 crore a year ago.

At 9.20 am, shares of the firm were quoting Rs 202.28 apiece, lower by half a percent on the NSE.

Should you buy, sell, or hold Nykaa shares?

The beauty and personal care segment continued to deliver strong double-digit growth along with improving profitability. Management indicated fashion business shall report demand traction in Q1FY26 as most of the industry headwinds have bottomed out, noted Nuvama Institutional Equities. The broking house hiked its target price to Rs 235 per share, from Rs 205 earlier, while retaining its ‘buy’ rating.

“Nykaa’s focus on onboarding new global brands, expanding stores and product curation should continue to drive strong revenue growth in BPC. But margin improvement thus far has been slow and needs to pick up for us to turn more constructive. In Fashion, the focus on improving profitability is positive, esp. given the highly competitive segment,” said Nomura.

The Japan-based broking house reiterated its ‘neutral’ rating, but hiked its target price to Rs 216 per share, up from Rs 190 earlier.

HSBC downgraded Nykaa shares to a ‘hold’ rating, cutting its price target to Rs 200 per share. The brokerage said there is limited clarity on the earlier commitment of the management to break-even in the fashion business EBITDA margin by FY26. The brokerage sees risks to the consensus margin improvement expectations of 150 basis points.

News Credits- Money Control

Industry bellwether LVMH Moët Hennessy Louis Vuitton SE, which reported weaker-than-expected sales in the latest quarter, was accused of selling a Dior bag that costs about $60 to make for $2,800. Meanwhile, Tapestry Inc.’s Coach is cashing in on cool with its $495 Tabby bag — a viral hit that costs a fraction of a similar shoulder bag from Dior or Chanel.

That’s just one example of how mid-tier luxury brands are weathering the current economic uncertainty better than their ultra-luxury and fast-fashion counterparts, as consumers seek quality and value without the sky-high prices amid a weaker global economy.

“There’s a bit of a backlash going on,” said Fflur Roberts, head of luxury goods at Euromonitor International. Consumers are questioning the true value behind the price, including how items are made and the cost versus what they’re really worth, she said.

As wealthy consumers trade down, mid-tier brands are performing increasingly well. Tapestry, which also owns the Kate Spade and Stuart Weitzman brands, recently raised its forecast for the year after reporting quarterly results ahead of analyst estimates.

Amer Sports Inc., which owns premium sportswear brands Salomon and Arc’teryx, also increased its projections for the full year, while Michael Kors owner Capri Holdings Ltd. and Hugo Boss AG both outperformed market expectations.

Ralph Lauren Corp. is another winner, offering a broad price range and maintaining appeal through its classic design, according to Bloomberg Intelligence senior retail analyst Mary Ross Gilbert. Same-store sales rose 13% in the three months through March 29, nearly double what analysts expected.

Meanwhile, luxury giants Hermès International SCA and Gucci owner Kering SA joined LVMH in disappointing investors in the most recent earnings season, while privately-held Chanel Ltd.’s profit plunged.

On the other end of the spectrum, fast fashion also struggling. “We’ve seen a more difficult environment,” said BI senior analyst Charles Allen. Higher Zara prices and fewer H&M promotions are deterring shoppers, he added.

Zara owner Inditex SA, Hennes & Mauritz AB and Primark, owned by Associated British Foods Plc, all reported slower growth or missed targets, while JD Sports Fashion Plc’s same-store sales fell 2% in the first quarter and are expected to drop again.

Tariffs — a key reason for the luxury slowdown — leave retailers targeting value shoppers little wiggle room. Uniqlo owner Fast Retailing Co. already warned these could hurt future earnings, while H&M said it may raise prices to offset the impact, which could push shoppers further away.

Still, some consumers may be returning to stores. Primark US sales grew in April — partly due to the Easter holiday shifting to the month — after shrinking the previous two months, according to observed sales data collected by Bloomberg.

Meanwhile, US wages continued to grow in April, and the country is still at a full employment level with the unemployment rate at 4.2%. US spending in April, however, ground to a halt.

“If people have money and see something tempting, they’ll spend,” Allen said. “People don’t always behave how they say they will.”

News Credits- FASHION NETWORK

As part of its wider goal to achieve net zero emissions by 2040, Amazon is now transporting parcels by high-speed train between the cities of Lyon and Paris, with over 500,000 packages set to travel this way in 2025.

Through a partnership with Rail Logistics Europe (RLE), SNCF’s freight division, Amazon has secured dedicated storage areas on ultra-fast trains that will transport parcels along this route at a speed of 320km/h.

The operations will take place six days a week and follow a successful pilot project last year. Once the parcels reach Paris, up to two-thirds of last-mile deliveries will be made using electric vehicles, cargo bikes or on foot.

According to Amazon, the high-speed train transportation is part of a €250m (US$281m) investment to decarbonize its transportation network in France and the company has plans to expand similar initiatives across Europe.

Author Credits- HAZEL KING
Parcel and postal technology INTERNATIONAL

DFI Retail Group has sold its 22.2 per cent stake in Robinsons Retail Holdings Inc (RRHI) for US$270 million as the company refocuses investment on its core operating businesses across Asia.

The transaction was completed via a special block sale on the Philippine Stock Exchange and involved 315.31 million shares priced at $0.90 per share – a 36.2 per cent premium to RRHI’s current market price.

GCH Investments, a wholly owned subsidiary of DFI Retail Group, first became a shareholder in RRHI in 2018 following the Philippine retailer’s acquisition of Rustan Supercenters.

Scott Price, Group CEO of DFI, said the divestment would enable the company to redeploy its capital more effectively.

“This transaction represents a step in our evolution as an operating company, enabling us to redeploy capital to support growth and enhance shareholder returns across our subsidiary businesses,” said Price.

DFI Retail Group operates a broad portfolio of banners across Asia, including Wellcome, Food World, and Cold Storage supermarkets; 7-Eleven convenience stores; and Mannings and Guardian health and beauty outlets.

Founded in 1980, RRHI operates a wide range of retail formats in the Philippines, including supermarkets, department stores, drugstores, and DIY chains.

The company said in a recent filing that the buyback aligns with its capital allocation strategy and reflects confidence in its long-term prospects.

“The ongoing share repurchase program reflects the company’s belief that current market prices do not fully reflect the underlying financial strength and long-term growth prospects of RRHI.”

RRHI CEO Stanley Co credited DFI with supporting the group’s expansion into new categories.

“Our acquisitions of Rustan Supercenters in 2018 and Rose Pharmacy in 2020 enabled us to enter the premium food retail segment and strengthen our drugstore network,” said Co.

“The partnership also allowed RRHI to become the exclusive distributor of DFI’s private-label brands, Meadows and Guardian. We are deeply grateful for the partnership we have forged with DFI.”

Despite DFI’s exit, RRHI will continue to exclusively distribute Meadows and Guardian products in the Philippines.

Author Credits- Kaycee Enerva
Inside Retail

Meesho, an e-commerce startup, has emerged as India’s third-largest online retail platform by GMV, positioning itself for a potential public market debut.

Backed by a sharp focus on small towns and low-cost sellers, e-commerce startup Meesho has emerged as the country’s third-largest online retail platform by gross merchandise value (GMV), positioning itself for a potential public market debut.

According to a recent report by brokerage firm CLSA, Meesho has reached a GMV run rate of $6.2 billion for FY25. The report projects Meesho’s market share will climb from 8.5% to 10% over the next six years, even as larger rivals Amazon and Flipkart see marginal declines.

Founded in 2015, Meesho carved a unique path through India’s crowded e-commerce landscape. Instead of targeting premium urban customers, it targeted price-sensitive consumers in Tier 2, Tier 3, and rural regions. This differentiated approach has built strong traction among first-time Internet shoppers and small-scale sellers. Today, Meesho boasts over 187 million annual transacting users and has achieved profitability—an uncommon milestone for horizontal e-commerce players.

Meesho began its journey as Fashnear, a hyperlocal fashion discovery app. However, it quickly pivoted upon recognising the dominance of unbranded goods in e-commerce. It then launched a platform enabling informal resellers—often homemakers and small entrepreneurs—to sell products via WhatsApp and Facebook, bypassing the need for inventory or capital investment.

“What struck us was their hands-on insight that 90% of fashion commerce in India involves unbranded goods, a massive reality that Amazon and Flipkart were ignoring,” said Arjun Malhotra, general partner at Good Capital, an early investor. “Indian commerce is fundamentally relational, not transactional,” he said.

In 2021, Meesho eliminated commission fees, making it the lowest-cost platform for online sellers. This seller-first model attracted over 400,000 transacting sellers annually. On the buyer side, the company built a lightweight app with regional language support, optimised for low-end smartphones and patchy mobile data—key to driving adoption in rural India.

“Over a third of Meesho’s user base comprises first-time online shoppers,” noted Lavanya Ashok, Partner at Trifecta Capital, which invested in the company through its growth equity fund. “Their tech-led approach—AI-driven cataloguing, personalised interfaces, and vernacular support—has been crucial to onboarding new buyers and retaining trust among sellers.”

To support its low-cost operations, Meesho has also developed its own logistics network. Its delivery arm, Valmo collaborates with 6,000 regional partners to deliver across more than 15,000 pin codes. Valmo now manages over half of Meesho’s deliveries.

This model—enabling rather than replacing existing networks—has allowed Meesho to keep customer acquisition costs significantly lower than its peers. “We saw other startups burn through millions trying to build marketplaces from scratch,” said Malhotra. “Meesho’s model of enhancing existing behaviour was not only more capital-efficient but more culturally aligned,” he added.

The company’s disciplined execution is beginning to reflect in its financials, too. In FY24, Meesho generated ₹197 crore in free cash flow and cut adjusted losses by 97% year-on-year. Annual order volume crossed 1.3 billion, with home & kitchen and beauty & personal care emerging as key growth drivers.

Despite this scale, Meesho’s growth potential remains vast. Only 5% of India’s 63 million micro, small and medium enterprises, or MSMEs, are fully digitised, pointing to a large untapped market. “Maintaining trust at scale is hard,” said Malhotra, “but Meesho’s engagement-led model creates a strong moat.”

The broader market backdrop is also favourable. A January 2024 report by Wazir Advisors projects India’s value retail market—excluding food and groceries—will grow from $111 billion in FY23 to $170 billion by FY26. Meanwhile, Bain & Company analysts noted early this year that hyper-value commerce has expanded from 5% of India’s e-retail GMV in 2021 to over 12% in 2024.

With profitability, scale, and a differentiated model, Meesho is poised to become a defining force in India’s next wave of digital commerce.

Author Credits- Ayanti Bera
FINANCIAL EXPRESS

The company expanded its store network to 137 stores and now serves over 15 million customers across India

Citykart has raised INR 538 crore in Series B funding round, co-led by TPG NewQuest, a secondary private equity platform for Asia within TPG, and A91 Partners, a homegrown investment firm specialising in growth investments.

Investcorp, an early backer of Citykart, has made a full exit, while India SME Fund continues to hold a minority stake. EY India acted as the exclusive financial advisor to the transaction.

Of the total funding, about INR 120 crore is primary capital, with the remaining INR 418 crore being towards secondary transactions. The primary infusion will enable the company to accelerate expansion in both footprint and product assortment.

“This new round of funding is a significant milestone in our journey. We are delighted to welcome TPG NewQuest and A91 Partners as long-term partners who believe in our vision of making affordable fashion accessible to Bharat. The capital infusion will help us grow deeper and wider, invest in innovation, and build a strong, future-ready organisation focused on scale and operational excellence. We’ve been fortunate to have had the support of Investcorp and India SME Fund in our earlier stages, their belief in our model helped us build a strong foundation,” said Sudhanshu Agarwal, Co-founder Citykart.

The company expanded its store network to 137 stores and now serves over 15 million customers across India. Growing at more than 40 per cent, the company is now targeting revenue of INR 1300 Cr.

“Citykart has demonstrated an exceptional ability to scale profitably in one of the most challenging and underserved segments of Indian retail. Their deep customer understanding, disciplined execution, and strong leadership team make them well-positioned to drive value fashion retail across India. We are excited to partner with them in this next phase of growth,” said Bharati Agarwal, TPG NewQuest.

News Credit: Entrepreneur

Snitch, a swiftly emerging menswear brand, is about to raise ₹278.93 crore (approx. $33 million) in a Series B funding round, bringing its valuation to roughly ₹2500 crore according to Entrackr’s valuation. The round is led by 360 One Asset Management Fund, along with returning investors SWC Global and IvyCap Ventures.

This is Snitch’s second biggest funding round after its Series A round in December, 2023 when the brand raised ₹108 crore ($13 million) at a valuation of ₹500 crore. With this investment, Snitch’s valuation has just about quintupled and demonstrates the brands growth and acceptance in the Indian fashion market.

Funding Information

Regulatory filings with the Registrar of Companies (RoC) show that Snitches’ board approved the issuance of 1,755 Series B shares at an issue price of ₹15.89 lakh each to raise the capital.

• 360 One is investing ₹220 crores (about $25.9 million)
• SWC Global and IvyCap Ventures are investing ₹29.4 crores (about $3.5 million)

After investment, 360 One will be 9.67% owners of Snitch, while IvyCap Ventures and SWC Global will be 10.39% and 10.17% owners, respectively.

About Snitch

Founded in 2019 by Siddharth Dungarwal, Snitch is a direct-to-consumer (D2C), fast fashion brand designed for men with a focus on affordable and stylish clothing. Snitch offers a wide range of modern wardrobe essentials from athleisure, loungewear, and shorts to shirts and jackets, through its e-commerce website, app, and offline retail stores.

For now, the brand has 58 physical stores in India, and is located in major cities such as Bengaluru, Delhi, Mumbai, and Gujarat. Snitch plans on fundamentally investing in expansion, targeting an ambitious growth strategy to operate 100+ offline stores by the year 2028.

Snitch became a national sensation during Shark Tank India Season 2 when they raised ₹1.5 crore in funding from six prominent investors (Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, Amit Jain) at ₹100 crore valuation. This exposure allowed Snitch’s public image to grow significantly and establish greater consumer trust in its endeavors.

Company Performance

Snitch has run a tight ship and produced tremendous fiscal results. For FY March 2024, Snitch turned over ₹241 crore, up 100% on FY23. The company also delivered a profit of ₹4.39 crore. Overall, the current findings show not only an increase in sales, but increases in operational efficiency.

The Snitch FY25 results will be out soon and the new funds will be used to further product innovation, marketing, and in-store rollout.

Author: Syed Afsha Ali
Business Outreach

The wave of leadership changes across luxury fashion houses continues. Christian Dior Couture has officially announced the departure of Maria Grazia Chiuri, its artistic director for women’s collections. The news comes just one day after Dior’s latest runway show in Rome, ending months of speculation about her planned exit. Since taking the reins in July 2016, the Italian designer has led Dior’s women’s ready-to-wear, haute couture, and accessories lines. Known for her feminist perspective, Chiuri played a key role in revitalizing the flagship LVMH brand. Between 2018 and 2023, Dior’s revenue quadrupled under her direction.

This announcement follows Dior’s earlier confirmation in January of the exit of British designer Kim Jones, who led Dior Men for seven years. Jonathan Anderson, formerly creative director at Loewe, another LVMH label, replaced him in April. Earlier this year, speculation circulated that the Irish designer might also assume creative leadership of Dior’s women’s lines.

Chiuri’s next professional chapter remains unclear. She was previously rumored to be in discussions to lead Fendi’s women’s collections, though those talks now appear unlikely to move forward.

Born to a seamstress who ran a small atelier, Chiuri has long been drawn to fashion. Now 61, she studied at the Istituto Europeo di Design in Rome and began her career at Fendi, an LVMH brand, in 1989. There, she focused on handbag design and contributed to creating the iconic Baguette—one of the defining “it bags” of the 1990s.

Chiuri’s career took off when she partnered with longtime collaborator Pierpaolo Piccioli. The pair caught the eye of Valentino Garavani and, in 1999, were entrusted with designing accessories for Valentino. Following the brand’s acquisition by investment firm Permira in 2007 and the retirement of its founder, Chiuri and Piccioli stepped into the roles of co-creative directors for accessories. By late 2008, they were promoted to oversee all of Valentino’s fashion collections. Their tenure saw the rise of the Rockstud pump, which became a global sensation.

Under their leadership, Valentino experienced renewed energy, capturing the attention of younger consumers and gaining critical acclaim. When Qatari investment firm Mayhoola acquired the brand in 2012, Chiuri and Piccioli continued modernizing the house. By 2015, Valentino was nearing €1 billion in annual revenue.

In 2016, Chiuri made history as the first woman appointed as artistic director of Dior. From her debut, she used fashion as a vehicle for feminist expression. Her runway shows regularly featured bold slogans such as “We Should All Be Feminists” and “Sisterhood Is Powerful.”

While honoring Dior’s storied heritage, Chiuri infused the brand with a contemporary edge, designing refined, wearable pieces that resonated with younger audiences. As she explained after her first show, her mission was “to be attuned to the world and to create fashion that reflects today’s women. Fashion that supports them through change, helping them break free from stereotypes.”

In 2019, Chiuri received the title of Chevalier of the French Legion of Honor—one of several accolades that mark her influential career.

Author Credits- Dominique Muret
FASHION NETWORK

John Hoke, a longtime top design executive at Nike Inc., is retiring after over three decades of shaping new products at the world’s largest sportswear company.

Hoke is stepping down as Nike’s chief innovation officer, according to an internal memo seen by Bloomberg News. In that role, he had been charged with speeding up the pace of product development.

According to the memo, he’ll stay on board through October to finish some projects, and Nike plans to name a successor for the position soon.

A representative for Nike confirmed Hoke’s departure. Hoke didn’t immediately respond to a request for comment.

The top ranks of Nike’s management have shuffled significantly in recent months under chief executive officer Elliott Hill, who came out of retirement last year to try to turn around a sales slump. This month, Footwear executive Phil McCartney was named Nike’s new executive vice president and chief innovation, design and product officer.

Hoke, an architect, started at Nike in 1992, working on stores and fixtures before becoming involved in footwear. He went on to become Nike’s chief design officer for 15 years, overseeing more than 1,000 employees globally, before being put in charge of innovation in 2023. Nike’s executive chairman and former CEO Mark Parker worked closely with Hoke over the years to develop new prototypes and products.

Hill told employees in the memo that Hoke had a meaningful effect on Nike’s growth throughout his tenure, and that his design influence will be seen at Nike for years to come. He credited Hoke with designing the first Niketown New York and the Serena Williams Building at company headquarters in Beaverton, Oregon.

In an interview with Bloomberg News last year, Hoke said that his teams had a “very aggressive agenda” developing a suite of underfoot cushioning technology, including new ways to use Nike’s proprietary Air system.

News Credits- FASHION NETWORK

South Africa’s SPAR Group (SPPJ.J), plans to sell its retail businesses in Switzerland and in the United Kingdom after completing a strategic review of its European operations, the retail and wholesale group said on Thursday.

The group, which owns several SPAR country licences of the Dutch SPAR group, has been trimming its international operations in order to “maximize the return on capital allocated”. Last year it sold its loss-making Polish business.

The group said it was in exclusive talks with an established UK-based business over the sale of its UK operation Appleby Westward Group. The potential buyer, which SPAR did not name, was “well positioned to develop and grow AWG in South West England,” it said.

In Switzerland, SPAR has been engaging established parties with extensive business interests in the region and experience in European food retail and distribution, it added.

“The group approach has been to engage parties whose interests align with the growth ambitions of the local management teams and retailer partners, and will ensure continuity for employees, suppliers and customers,” SPAR said.

The Swiss business, with 300 stores, contributes 16 billion rand ($899 million) to group turnover, while the South West England unit contributes 6 billion rand.

Internationally, SPAR will be left with Ireland, its biggest overseas business, and a joint venture in Sri Lanka.

($1 = 17.7956 rand)

News Credits- Reuters