THE WHAT? FSN E-commerce Ventures has reported its results for the three months to September 30, 2023. The owner of Nykaa saw revenue rise 22.4 percent year-on-year to ₹15.07 billion – its slowest growth since its November 2021 listing.

THE DETAILS Gross merchandise value for the Beauty and Personal Care (BPC) division leapt 23 percent – a significant drop on the 39 percent jump reported in the prior-year quarter, according to a report published by Reuters.

THE WHY? The smaller uptick was attributed to strong competition in the BPC segment as well as a 20-day shift in the Indian festive calendar, taking a key shopping period into October versus last year’s September bonanza, Reuters reports.