Nykaa Fashion is only gaining market share slowly, it said, adding that Nykaa BPC will continue dominating the competitive landscape and display operating leverage. The brokerage has factored in a slightly lower than expected growth/margins in Fashion while it feels that Superstore business will also require investments over the near to medium term.
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This strength is underpinned by robust domestic demand, a sustained capex cycle, and relatively limited exposure to global shocks compared to developed markets.