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India's Nykaa parent soars 5% after men's innerwear brand launch

Reuters
·1-min read

BENGALURU (Reuters) - Shares of FSN E-Commerce Ventures, the parent of cosmetics-to-fashion retailer Nykaa, jumped 4.8% on Thursday, a day after it said its fashion segment was expanding into the men's innerwear and athleisure category with a new brand.

The TPG-backed company said on Wednesday that Nykaa Fashion would launch Gloot — its first innerwear and athleisure brand for men. (https://bityl.co/D74P)

The line, starting at 499 rupees ($6.32) for innerwear, will look at ethical manufacturing, subscription options and trials in some cases, is available for sale on its app and website.

By 0429 GMT, FSN shares were up 4.41% at 1,464.80 rupees.

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Nykaa had a strong market debut in November 2021, fetching the country's first women-led unicorn a valuation of nearly $14 billion, and topping food delivery startup Zomato Ltd's $13.28 billion debut in July 2021.

($1 = 79.0010 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru; editing by Uttaresh.V)