Shares in Nykaa surged more than 4% to Rs 1,455 per share in early trade on the BSE on Thursday morning after the company said it had expanded into men’s underwear and athleisure categories through GLOOT.

By expanding into the men’s underwear category, Nykaa will now compete with listed Page Industries, which manufactures and retails underwear and has the exclusive licensee of Jockey International in India.

“With this new brand, Nykaa Fashion aims to redefine a space that is often overlooked when it comes to men’s needs, combining comfort and technology in an eco-friendly way. The underwear collection starts at Rs 499, and athleisure starts at Rs 899,” it said in the exchange filing.

“With Gloot, we are incorporating technology into underwear and casual wear to bring ultimate comfort to men. Gloot is a highly intelligent technology product that will solve all consumers’ common problems regarding underwear. All in all, we are proud to introduce A premium brand that blends comfort and technology, ensuring men can seamlessly transition from home to the workplace and the gym,” said Preeti Gupta, Chief Business Officer, Nykaa Fashion.

Shares in Nykaa’s parent company, FSN E-Commerce Ventures Ltd, have fallen nearly 37% since its listing last November, as a broader market dislocation has put more pressure on tech stocks as global interest rates rise. However, Nykaa shares are up more than 28% from their IPO price of Rs 1,125 per share.

FSN E-Commerce reported that its consolidated profit fell by about 57% to Rs 7.57 crore in the fourth quarter ended March 2022, mainly due to new investments. The company posted a profit of Rs 17.9 crore in the same period last year. Nykaa’s operating revenue rose 31% in the reported quarter to Rs 973 crore from Rs 740.5 crore a year ago.

Gross merchandise value (GMV) in the beauty and personal care sector rose 29% to Rs 1,248.5 crore in the March 2022 quarter from Rs 964.5 crore a year ago. The fashion vertical recorded an 84% growth in the quarter to Rs 482.7 crore from Rs 262 crore.