Strategic brand partnerships, stronger customer acquisition, and a path to profitability are helping Nykaa Fashion emerge as a major growth engine within the Nykaa ecosystem.
Nykaa Fashion is increasingly playing a pivotal role in the growth of the broader Nykaa ecosystem, contributing significantly to customer acquisition, brand expansion, and overall business performance. The fashion platform has strengthened its position through strategic partnerships, an expanding brand portfolio, and improved operational efficiencies, helping it evolve into a major growth engine for the company.
According to company executives, Nykaa Fashion has witnessed sustained momentum despite concerns about slowing consumer spending. The platform has recently partnered with leading global and lifestyle brands, including Nike and H&M, enhancing its appeal among fashion-conscious shoppers and attracting new customers to the wider Nykaa platform. These collaborations have also helped create cross-category engagement, benefiting both the fashion and beauty segments.
The fashion business has shown a strong recovery trajectory over the past year. Nykaa reported robust growth in gross merchandise value (GMV) and net sales value (NSV) within its fashion vertical, supported by stronger customer acquisition, improved platform performance, and a broader assortment of brands. Events such as the Pink Love Sale and early success from strategic brand partnerships have further accelerated growth.
Financially, the fashion segment has made notable progress toward profitability. In the fourth quarter of FY26, Nykaa Fashion achieved EBITDA breakeven, marking a significant milestone for a business that had previously weighed on the company’s earnings. Improved cost management, higher revenue growth, and better operating leverage contributed to the turnaround.
The strong performance of the fashion division has complemented Nykaa’s core beauty business, which continues to drive overall revenue growth. Together, the two segments helped the company deliver one of its strongest financial performances to date, with revenue rising sharply and profitability reaching record levels during FY26.
As Nykaa continues to expand its omnichannel presence and strengthen relationships with global and domestic brands, the company views fashion as a key pillar of its long-term growth strategy. The increasing contribution of Nykaa Fashion is expected to support customer retention, improve ecosystem synergies, and create new opportunities across the company’s digital and retail platforms.