New Delhi, June 30 -- FSN E-Commerce Ventures Ltd's analysts meeting last week highlighted that the Nykaa parent is laying the groundwork to scale profitably even as it navigates India's patchy discretionary demand.

After a 30% rise in FY25 GMV, Nykaa is now targeting mid-20% growth in its beauty and personal care (BPC) business over the next five years. It aims to drive penetration, catalyze premiumization and deliver convenience. The plan involves scaling physical reach across tier 2 and tier 3 markets. Store count is to rise from 237 to over 500 by FY30. Nykaa is also leaning on regional influencer marketing, tapping over 28,000 influencers to boost brand discovery.

Premiumization is key. Nykaa's premium users spend nearly nine times...