Latest news with #PraveenParamasivam
Business of Fashion
12-08-2025
- Business
- Business of Fashion
Nykaa Revenue Surges, Profit Doubles in Second Quarter
FSN E-Commerce Ventures, the parent of Indian beauty products retailer Nykaa, posted a quarterly profit on Tuesday that more than doubled, benefiting from new brand tie-ups and steady demand for makeup and skincare. The company, which retails an array of brands such as Estée Lauder and actor Katrina Kaif's Kay Beauty both online and offline, said profit rose to 233.2 million rupees ($2.66 million) for the first quarter ended June 30, from 96.4 million rupees a year ago. Indians, especially the affluent, have not shied away from spending on skincare and cosmetics — a category that outperforms others even during a consumption slowdown — helping prop up the $28-billion beauty and personal care industry in India. Nykaa added brands such as luxury offering Chanel, Korean skincare label Aestura and sunscreen maker Supergoop to its product line-up, lifting revenue in its beauty business 24 percent to 19.75 billion rupees. The growth was driven by a focus on reaching more customers across online and offline stores and offering higher-end products, Nykaa said. That, coupled with a 15 percent rise in its fashion business, which sells apparel and accessories from brands such as Victoria's Secret and Titan's Mia, pushed overall revenue up 23 percent at 21.55 billion rupees. By Praveen Paramasivam; Editor: Janane Venkatraman Learn more: Inside the Indian Beauty Retail Wars The battle for exclusive international beauty launches is intensifying as Nykaa, Tira and more set their eyes on expansion.
Yahoo
09-08-2025
- Business
- Yahoo
US retailer Best Buy to boost India tech hub staff by over 40%, executive says
By Praveen Paramasivam and Sai Ishwarbharath B CHENNAI (Reuters) -U.S. electronics chain Best Buy plans to expand the headcount at its Indian tech centre by over 40% in the next few months, a senior executive told Reuters, as more global corporations set up offices in the country to tap its growing talent pool. The company, which opened its first tech centre, or global capability centre, in Bengaluru city last year, currently employs around 350 people in functions including data and artificial intelligence (AI) and is expected to grow to 500-550. GCCs, once low-cost outsourcing hubs, have evolved in the last few years and now support their parent organisations in multiple functions such as daily operations, finance, and research and development. "We will be hiring across the functions ... We will be doing a lot of digital and tech (hiring)," Nithya Subramanian, senior director data & AI COE, said on the sidelines of an event in the southern city of Chennai. The firm, known for selling electronics such as laptops, kitchen appliances and cameras, is hiring for roles including AI engineer, software engineer and product manager in India, according to its LinkedIn page. "Even if you look at the global strength, I think we are growing leaps and bounds in India," Subramanian said, noting that the Bengaluru office is Best Buy's largest tech hub and bigger than its three in the United States. Best Buy operates more than 1,000 stores in the United States and Canada, where it employs over 85,000 people. It does not have retail operations in India. The India expansion comes at a time when many global corporations are ramping up their operations in India. Reuters reported last month that Best Buy's peer Costco Wholesale plans to open its first India GCC. The domestic GCC market is likely to grow as much as $105 billion by 2030, up from $64.6 billion in fiscal 2024, an industry report showed. Sign in to access your portfolio
Yahoo
04-08-2025
- Automotive
- Yahoo
VinFast in talks to boost India sourcing as its first overseas plant swings into gear
By Praveen Paramasivam and Chandini Monnappa THOOTHUKUDI, India (Reuters) -Vietnamese electric vehicle maker VinFast began operations at a new plant in India, its first overseas factory, on Monday, and said it hopes to source more parts locally and that it had received orders from Sri Lanka, Nepal and Mauritius. Switch Auto Insurance and Save Today! Affordable Auto Insurance, Customized for You Great Rates and Award-Winning Service The Insurance Savings You Expect The loss-making carmaker has struggled to break into developed Western markets and its foray into India, the world's third-largest auto market, will be a key test of its vehicles' popularity and its business acumen. The plant in Thoothukudi in the southern state of Tamil Nadu has an initial capacity to build 50,000 EVs annually, scalable to 150,000. Its first vehicles will be two premium electric SUVs, the VF 7 and VF 6. VinFast has talked with several of its component suppliers, and some want to shift part of their production to the industrial park in India, VinFast Asia CEO Pham Sanh Chau told Reuters. The company plans to roll out cars to Indian showrooms later this month, he added. The pricing of the vehicles has not been disclosed. Though the orders from other nations mean the plant could evolve into an export hub, VinFast's immediate focus remains on Indian customers, Chau said. Last year, VinFast agreed with Tamil Nadu state to invest $500 million over five years and to work towards up to $2 billion in investment. Success in India will be key if it is to meet its global delivery target of 200,000 cars for 2025. It sold about 72,100 in the first half of the year, primarily in its home market. Backed by Vietnam's largest conglomerate Vingroup, VinFast plans for a plant in Indonesia to be up and running by the end of the year, Chau said. Production in the U.S. has, however, been delayed until 2028. The company also said it plans to eventually expand its other businesses to India, including its electric ride-hailing service. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-06-2025
- Business
- Yahoo
UK edtech Pearson to raise India headcount by 43% in three years
By Praveen Paramasivam CHENNAI (Reuters) -UK-based Pearson plans to boost its workforce in India by about 43% to 2,000, an executive told Reuters on Friday, months after the education firm named India one of its top three priority markets globally. "We will invest significantly in India. We have got three very strong locations and we want to grow in all of these different locations," said Vishaal Gupta, president of enterprise learning and skills division and chair of India at Pearson. Pearson India operates in education and assessment markets, targeting school goers, students aspiring for colleges overseas and corporate professionals. The company will hire across various functions, including local business operations and global tech, over the next three years, Gupta said, while ruling out the launch of any new office location. It currently has offices in Noida, Bengaluru and Chennai. Pearson's shares hit a 10-year high in February after the company reported a rise in profit and said deploying AI would help deliver more growth in 2025. India's ed-tech market, which was valued at $7.5 billion in 2024, is projected to grow more than three-fold to $29 billion by 2030, according to a Grant Thornton report. In India, Pearson competes with IDP Education and Educational Testing Service in overseas education segment, and with Upgrad and Coursera in the digital-learning market. Gupta said the company will focus on government, Indian conglomerates and global capability centers, where a shortage of skilled workers poses a challenge amid growing demand for AI upskilling. Global capability centers, commonly known as GCCs, are local offices set up by large global companies in India to support their global parent in daily operations, finance, R&D and product development functions. GCCs are projected to contribute 2% to India's GDP by 2030, according to ICICI Securities, up from less than 1% currently. Sign in to access your portfolio
Yahoo
10-06-2025
- Business
- Yahoo
India's Raymond Realty to list in early July, top executive says
By Praveen Paramasivam and Bharath Rajeswaran (Reuters) -India's Raymond Realty, recently carved out from the namesake conglomerate, is on track to list in early July as the group looks to streamline its corporate structure, a top executive told Reuters on Tuesday. This will be Raymond's third publicly traded entity after Raymond Lifestyle, which houses the suits and shirts business. "The exact date (for the listing) is not confirmed yet, but it should be early July," Gautam Singhania, chairman and managing director of the group, said in an interview, without elaborating. Each shareholder will receive one share of Raymond Realty for every share held in Raymond, the group said previously. Raymond approved the demerger of Raymond Realty on May 1 and announced May 14 as the record date to determine eligible shareholders for the real estate business. The stock fell around 66% on May 14 because of a price adjustment after the demerger, but the decline was not a real loss for investors, just a technical revision in the share price. After adjusting for the demerger, Raymond's shares jumped nearly 23% in May, their biggest monthly gain since June 2024. Brokerage Systematix expects Raymond Realty to be priced at 1,076 rupees per share and forecast operating profit of 5.97 billion rupees ($69.7 million) in the ongoing fiscal 2026. The business reported a 45% rise in revenue to 23.13 billion rupees for the financial year ended March 31, with operating profit up 37% at 5.07 billion rupees. ($1 = 85.6150 Indian rupees) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
