After its listing, investors were almost bullish about Nykaa shares. And for good reason. The company has been a pioneer in normalising buying beauty and cosmetic products online. It showed profitability that the other listed tech companies were nowhere close to.

So in 2018, it decided to venture into fashion.

But things have been a bit shaky since last year. A week ago, Nykaa gave its investors a “revenue update” for the last quarter and it did not paint a very pretty picture. The company blamed the pullback in discretionary spending for the subdued growth in its fashion business.

This, however, is not the first time fashion has been the source of concern for the beauty and personal care e-commerce giant.

Was Nykaa's foray into fashion worth the risk?

Tune in to find out.