The Indian beauty consumer is currently on every international beauty brand's list. In the past one year, brands like Fenty Beauty by Rihanna, Rare Beauty by Selena Gomez, and Nars have entered India.
Laura Mercier, a French-American luxury make-up brand known for promoting the idea of minimalism in skincare and beauty, too, launched online in the country last year. Now, it's expanding its reach. Last month, the brand opened its first physical store in Palladium, Mumbai.
In an interview with Lounge, Marco Ficarelli, the chief revenue officer (international) of Laura Mercier, said, “India is one of the fastest-growing economies and its beauty market is expanding. The country's large population provides a vast consumer base. Plus, India's embrace of a multi-channel approach suggests that the market is receptive and allows for the local population to feel more connected with the rest of the world.”
According to a 2023 report by Redseer Strategy Consultants, along with Peak XV, India’s beauty and personal care market is projected to touch $30 billion by 2027.
What's also driving the interest in beauty, Ficarelli said, was the young consumer who's more open to experimentation when it comes to beauty products. “I personally consider the Indian beauty market very exciting because consumers no longer want to stick with same brands again and again. They have become much more open to trying new things,” Ficarelli said.
That perhaps explains why Laura Mercier is in an expansion mode. “We chose Palladium because of its reputation as a top luxury destination mall,” Ficarelli said. “By the end of March, we will have our second boutique in Mall of Asia, Bengaluru, and plan to open a new one in Delhi in the next few months. We plan to open more physical stores, diversifying the retail model beyond standalone boutiques to include open-selling store concepts and department stores in the future.”
