The Q3 business update released by the company says that the industry-level consumption in fashion remained muted. Even so, Nykaa's fashion vertical saw strong growth and as such, the gross merchandise value (GMV) is expected to rise at around 40% year-on-year in Q3. This measure had increased by about 12% and 27% in Q1 and Q2, respectively.
Investors are pleased. Nykaa's shares hit a new 52-week high of 191.60 apiece on Tuesday and were up by 8% since the update was released.
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