Beauty and cosmetics brand Revlon, which operates in India through its local partner Modi-Mundipharma Beauty Products, is looking to double its business to ₹400 crore in the current fiscal and has plans to ramp up its offline network by adding more stores, a top company official said.
The company has plans to increase the number of outlets to 600 from the existing 300 and also quadruple its presence from 1,000 departmental stores to 4,000 stores, said Revlon executive director and head of Revlon Indian subcontinent Meghna Modi.
It is also considering introducing perfume under the brand Revlon as part of the expansion of its product portfolio for the Indian market, where beauty and cosmetics are projected to have substantial growth led by the millennial generation.
When asked about expansion Meghna Modi told PTI: "We have around 300 outlets and planning to go around 600 outlets and increase presence in 1,000 department stores to 4,000 department stores."
Regarding the timeline for this, Modi said, "It will be in the next two-three years. We will also double our business next year."
Presently, Revlon's 25% of sales in India is coming from online and the rest sales is from offline channels like its stores and departmental stores operated by leading retailers.
The company is also beefing up its presence on social media platforms such as Instagram, said Modi.
Revlon competes in the luxury segment with brands as global brands like MAC Cosmetics, and Estee Lauder. It also competes with brands such as Lakme, L'Oreal's Maybelline and dozens of new-age online or D2C rivals such as Nykaa, Sugar, MyGlamm, etc.
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According to a joint report by Redseer Strategy Consultant and Peak XV (formerly Sequoia Capital India & Southeast Asia), the Indian beauty and personal care market is estimated to grow to $30 billion by 2027, accounting for 5% of the global market.
Amid increased competition in the beauty and cosmetic segment, Revlon is betting on its product's quality.
"Whenever we do a study, consumers love our products," she said, adding, "Our promise is long way and long care."
Revlon is also targeting aspirational consumers from tier II cities with its affordable entry price points starting from ₹399 onwards, competing with Loreal's Maybelline and HUL's Lakme.
However, Modi also added there is a need for improvement in visibility and merchandising in tier II cities.
Modi-Mundipharma Beauty Products, formerly known as Modi-Revlon, part of Umesh Modi Group, introduced Revlon in India in 1995. It sells colour cosmetics, fragrances, and hair care products.
- FIRST PUBLISHED15.11.2023 | 11:00 AM IST