Questions across 2 calls

Sachin Dixit

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FSN E-Commerce Ventures Limited

FSN E-Commerce Ventures Limited CC-Feb26.pdf · 2026-02-05

My both questions that I had were on beauty business only. So the first one was basically on the AOV versus customer acquisition, right? So what we have seen so far is that there has been even sharper customer acquisition that we saw in this quarter, while AOV still continues to be healthy rather it keeps on improving, right? And while a lot of us actually believe that while we ramp up customer acquisition as a user base on Nykaa expense because slightly poorer quality customer might also start factoring in, these AOVs might dip, right? So I just wanted to understand what is it that we are seeing or doing, which is proving the street wrong consistently?

So just to clarify, like the new customers that you would have acquired, let's say, last year versus what we are acquiring today, there is no major AOV drop that we are seeing?

FSN E-Commerce Ventures Limited CC-Jun24.pdf · 2024-08-13

Great. So Falguni and team congrats on a decent set of results. I think we are on track to a bunch of things that we did highlight in the investor day that we conducted in June. Just one thing that I wanted to understand, particularly on Fashion side. I do understand that this was a really tough quarter for fashion businesses as such, especially online businesses in particular. But the 20% odd growth that we have achieved compared to the ambition that we guided just like 20 days back before we published the quarterly update. Those numbers are quite off, right? If you look at the 2x to 3x NSV growth in 3 years implies close to 30%, 35% odd growth, while we deliver 20%.

My second question is quickly on Nykaa Man. I do understand that we have merged the pieces of it within Fashion and Beauty . Is it really gaining any traction? Are we seeing sustainable business being achieved there?