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Tuesday, February 27, 2024

FSN E-Commerce Ventures’ board approves restructuring and investment for Nykaa Fashion

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FSN E-Commerce Ventures decided to approve further investment in its business Nykaa Fashion at a recent board meeting. Nykaa’s parent company is also considering restructuring its Nykaa Fashion business to streamline its operations. 

Nykaa Fashion retails a multi-brand selection of western and traditional wear – Nykaa Fashion- Facebook

The business’ board of directors approved additional investment in Nykaa Fashion through equity on a rights issue basis, ET Retail reported. Nykaa is a wholly owned subsidiary of FSN E-Commerce Ventures so the investment transaction will be handled as such, according to a regulatory filing by the business. 
 
The funding will be used towards repaying loans granted by FSN E-Commerce Ventures to Nykaa Fashion. The business aims to have the investment completed by the end of the 2024 financial year on March 31. 

FSN E-Commerce Ventures is keen to streamline operations at Nykaa Fashion and approved the acquisition of Nykaa Fashion’s lingerie and athleisure business as a going concern on a slump sale basis, the Economic Times reported. The deal will be carried out in accordance with the business transfer agreement which will be entered into by FSN E-Commerce Ventures and Nykaa Fashion on an arm’s length basis with an acquisition cost of Rs 229 crore. 

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