Nykaa Global Store brands grow over 60%, twice platform rate

FSN E-Commerce Ventures Limited, operating as Nykaa, said its Nykaa Global Store portfolio of more than 45 global brands grew over 60% year on year in Q2 FY27, more than twice Nykaa’s 30% platform gross merchandise value growth, supported by import, marketing and distribution services.

How fast are Nykaa Global Store brands growing?

Nykaa Global Store brands grew over 60% year on year, compared with Nykaa’s overall gross merchandise value, or GMV, growth of 30% in Q2 FY27. Management said this was more than double platform growth, although it did not disclose Global Store’s absolute GMV, revenue or profitability.

The portfolio expanded faster than Nykaa’s Beauty business, where GMV rose 25% to more than Rs 4,400 crore and net sales value, or NSV, rose 28% to more than Rs 2,500 crore in Q2 FY27. Management positioned Global Store as an Indian go-to-market operation for overseas brands rather than solely a product-listing service.

What services does Nykaa Global Store provide international brands?

Nykaa Global Store provides importing, registration, pricing, supply-chain handling and warehousing for third-party global brands entering India. Through Nykaa’s distribution arm, partners can use local operating infrastructure alongside the company’s online and physical retail channels.

Nykaa also offers marketing through content creators, events, experiences, performance marketing and digital marketing. Management cited a beauty shopper base of more than 52 million and a network of 338 beauty stores in Q2 FY27; Nykaa added 14 stores in the quarter and 73 over the preceding year.

The service can extend beyond Nykaa’s e-commerce sites. Nykaa said it can operate direct-to-consumer websites and free-standing stores, sell through multi-brand specialty stores, and distribute through its business-to-business Superstore arm, which currently reaches 0.5 million general-trade and modern-trade retailers.

Which international brands are using Nykaa Global Store?

Nykaa said Yves Rocher, Oribe and Mamonde launched exclusively through Nykaa Global Store in Q2 FY27. Yves Rocher is a French plant-based skincare and colour-cosmetics brand, Oribe is a US professional haircare brand, and Mamonde is a Korean skincare brand owned by Amorepacific Group.

The launches were part of more than 330 Beauty brand additions during the year. Earlier exclusive launches included La Roche-Posay, Anua, Aestura and SK-II; La Roche-Posay is owned by L’Oréal Group, Aestura by Amorepacific Group, and SK-II by P&G.

Nykaa said 17 global luxury brands were distributed through Global Store. It is also live with end-to-end partnerships for Kiehl’s, a L’Oréal-owned skincare brand, and Charlotte Tilbury, a Puig Group-owned makeup brand, covering their direct-to-consumer websites and free-standing stores in India.

How important is Korean beauty to Nykaa Global Store?

Korean beauty is a material category for Nykaa Global Store, whose brands accounted for 34% of Nykaa’s total Korean beauty business. Management cited Mamonde, Anua and Aestura as examples, while clarifying through the metric that this is a share of Korean beauty activity, not of total Beauty sales.

Global Store Korean brands are growing at 2.5 times the GMV rate of other Korean brands on Nykaa’s platform, according to management. The call did not provide the GMV base or rupee sales for either group, so the comparison is a relative growth measure.

Nykaa’s wider Beauty business reported a 51% year-on-year increase in earnings before interest, tax, depreciation and amortisation, or EBITDA, in Q2 FY27, with margin exceeding 10% for the first time. Management also reported 22.1 million annual unique transacting Beauty customers and a 5% year-on-year increase in average order value.

How does Nykaa Global Store fit Nykaa’s distribution strategy?

Nykaa Global Store combines digital retail, partner-operated physical stores and wider trade distribution. Of Nykaa’s 338 beauty stores in Q2 FY27, 253 were multi-brand stores, 69 were House of Nykaa kiosks or small-format stores, and 16 were partner boutiques.

Those 16 boutiques comprised 14 Kiehl’s stores and two Charlotte Tilbury stores, illustrating the operating model available to selected Global Store partners. Management’s stated proposition combines local registration, logistics, marketing, e-commerce, stores and business-to-business distribution instead of relying on a single sales channel.

The strategy is supported by Nykaa’s broader consumer reach. The company reported 65 million cumulative customers across its platforms, up 32% year on year, while its Beauty retail business delivered more than 20% like-for-like growth in Q2 FY27, its highest rate in the past six quarters.

Conclusion

Nykaa’s over-60% growth rate for more than 45 Global Store brands exceeded its 30% Q2 FY27 platform GMV growth, indicating that the import-and-distribution model is expanding faster than the overall platform. Exclusive launches, 17 luxury brands and Korean beauty’s 34% Global Store contribution show how the operation is being used across categories and channels.

The next point to watch is whether Nykaa adds brands and extends the end-to-end model used for Kiehl’s and Charlotte Tilbury. Management has identified direct-to-consumer websites, free-standing stores, 338 beauty stores and access to 0.5 million business-to-business retailers as available distribution routes, but disclosed no Global Store revenue, GMV or profit target.