India, June 20 -- From establishing itself as the leader in India's online beauty and personal care (BPC) space to making a successful public market debut, the last decade has been nothing if not eventful for Nykaa.

However, behind this action-packed streak of 10 years has been the ecommerce major's beauty and personal care (BPC) vertical, which has shown consistent growth and profitability. For context, Nykaa's BPC revenues rose 25% year-on-year (YoY) to INR 7,251 Cr in FY25, and its gross merchandise value (GMV) grew 30% to INR 11,775 Cr.

On the other hand, Nykaa's fashion segment has struggled to shine and shimmer.

Since its launch in 2018, the company has experimented with multiple makeovers, from a strong private label push to pre...