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This is Sachin Salgaonkar from BofA Securities. I have 3 questions. First question on Beauty. When we look at repeat rates, are these repeat rates equally across mass, premium, and luxury? Or is there a concentration in any specific category? And I'm asking that because your AOV improved 5% on a Y-o-Y basis.
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And a quick follow -up out there is, I presume, safe to say that this trend could be sustainable because of the multiple levers you mentioned for the improvement in AOV.
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Second question is on fashion for Abhijit. Abhijit, obviously, agreements like Nike and H&M, in a way, allow you guys to move away from a marketplace model partly towards an inventory- led model. So assuming there are similar such partnerships in the future also, how should we think about the mix between marketplace and inventory for the fashion business?
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Analyst questions
Sachin Salgaonkar
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1Call
1Company
NYKAA
All company callsFSN E-Commerce Ventures Limited
FSN E-Commerce Ventures Limited
4 Aug 2026