Nykaa shares rally 5% on expanding into men's innerwear category

New Delhi: Nykaa rallied 5 per cent today after the e-tailer announced that it is expanding into the men's innerwear and athleisure section. On BSE, the stock of FSN E-Commerce Ventures, Nykaa's parent, hit a day's high of Rs 1,469.85.

At 12:08 p.m., the stock was trading 4 per cent higher at Rs 1,456 on the stock exchange.

The company said on Wednesday that Nykaa Fashion would launch Gloot - its first innerwear and athleisure brand for men.


“With Gloot, we have infused technology into innerwear and casual wear which results in the ultimate comfort for men. Be it with the fit advisor tool, the anti-stain, anti-odour T-shirts, shorts, and joggers, or even the SAC technology which prevents riding up of underwear, Gloot is a highly intelligent tech creation that will solve all the usual concerns consumers have with underwear," Preeti Gupta, Chief Business Officer, Nykaa Fashion, said in a statement.

Nykaa said the innerwear range starts from Rs 499 and athleisure from Rs 899.

Having hit a high of Rs 2,573.70 on 26 November, the new-age stock has since then nosedived around 43 per cent. Out of 15 analysts covering Nykaa, eight have strong buy and two have buy recommendations. Trendlyne data shows that the average target price of Rs 1,743.7 signals an upside potential of 24.4 per cent.

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