Magnificence and cosmetics model Revlon, which operates in India by its native associate Modi-Mundipharma Magnificence Merchandise, is seeking to double its enterprise to Rs 400 crore within the present monetary 12 months and has plans to strengthen its offline community by including extra shops, a excessive An organization official stated on Tuesday.
Revlon CEO and President of Indian Subcontinent Meghna Modi stated the corporate plans to extend the variety of shops to 600 from the present 300, in addition to quadruple its presence from 1,000 shops to 4,000.
Furthermore, it’s contemplating launching fragrances underneath the Revlon model as a part of increasing its product portfolio for the Indian market, the place magnificence and cosmetics merchandise are anticipated to witness vital progress led by millennials.
Like different magnificence manufacturers, Revlon additionally had large success through the coronavirus, however like others, it got here again with a “buzz” and achieved large gross sales on Diwali this festive season.
When requested concerning the enlargement, Meghna Modi informed PTI: “We now have round 300 shops and we plan to go to round 600 shops and enhance the presence in 1,000 shops to 4,000 shops.”
Concerning the timeline for this, Modi stated: “It will likely be within the subsequent two-three years. We will even double our enterprise subsequent 12 months.”
For the monetary 12 months ending March 31, 2023, Revlon’s turnover was round Rs 200 crore.
At the moment, 25 per cent of Revlon’s gross sales in India come from on-line, whereas the remainder of the gross sales come from offline channels comparable to its shops and shops run by main retailers.
Modi, who returned to guide Revlon’s enterprise a number of weeks in the past after 20 years, stated the corporate can also be engaged on strengthening its presence on social media platforms comparable to Instagram.
Revlon competes within the luxurious section with world manufacturers comparable to MAC Cosmetics and Estee Lauder. It additionally competes with manufacturers like Lakme, L’Oreal’s Maybelline and dozens of recent on-line or D2C rivals like Nykaa, Sugar, MyGlamm, and many others.
In keeping with a joint report by Redseer Technique Advisory and Peak
The Indian magnificence and private care market – estimated at round US$19 billion in 2022 – has very low per capita spending on this class, however because the nation prospers, the expansion margin might be sturdy, the report stated.
Amid the rising competitors within the magnificence and cosmetics sector, Revlon is betting on the standard of its product.
“The extra we research, the extra shoppers love our merchandise,” she stated, including: “Our promise is an extended street and lengthy care.”
Furthermore, Revlon can also be focusing on aspirational shoppers from tier-II cities with reasonably priced entry worth factors ranging from Rs 399 onwards, competing with L’Oreal’s Maybelline and HUL’s Lakme.
Nevertheless, Modi additionally added that there’s a want to enhance visibility and promotion in tier-II cities.
Modi-Mundipharma Magnificence Merchandise, previously often known as Modi-Revlon, a part of the Umesh Modi group, launched Revlon in India in 1995. It sells coloration cosmetics, fragrances and hair care merchandise.
(Solely the title and picture of this report might have been reworked by Enterprise Customary workers; the remainder of the content material is auto-generated from a syndicated feed.)
(Tags for translation)Revlon