FSN E-Commerce Ventures stock jumps 4% after settling litigations with L'Oreal S.A

23 Feb 2022 , 12:10 PM

FSN E-Commerce Ventures (Nykaa) stock rallied on Wednesday after settling litigations with L’Oreal S.A.

On November 20, 2020, L’Oreal S.A. (Plaintiff) filed a civil suit before the District Court, Saket, Delhi (District Court) that FSN E-Commerce Ventures and Nykaa E-Retail (Defendants) alleging copyright infringement and passing-off against Defendants concerning Plaintiff’s trademark “Maybelline” and the trade dress and colour combination of its product ” Maybelline New Lasting Drama Gel Liner”.

That time, the District Court passed an ex-parte order against which the Defendants preferred an appeal before the Hon’ble Delhi High Court.

Later on, L’Oreal, FSN and Nykaa settled the following:

• Modified artwork adopted by Defendants is approved by the Plaintiff;
• Plaintiff not to press for reliefs of damages, rendition of accounts and any costs against Defendants; and
• The parties are not to make any claims against the other or claims relating to the payment of costs or charges concerning the settlement.

At around 12.06 pm, FSN stock was trading at Rs1380.95 per piece up by Rs48.90 or 3.7% on BSE. The stock was near the day’s high of Rs1392 per piece.