Nykaa’s parent FSN E-commerce soars 5% after men’s innerwear brand launch

BENGALURU (Reuters) – Shares of FSN E-Commerce Ventures, the parent of cosmetics-to-fashion retailer Nykaa, jumped 4.8% on Thursday, a day after it said its fashion segment was expanding into the men’s innerwear and athleisure category with a new brand.

The TPG-backed company said on Wednesday that Nykaa Fashion would launch Gloot – its first innerwear and athleisure brand for men. (https://bityl.co/D74P)

The line, starting at 499 rupees ($6.32) for innerwear, will look at ethical manufacturing, subscription options and trials in some cases, is available for sale on its app and website.

By 0429 GMT, FSN shares were up 4.41% at 1,464.80 rupees.