Revlon plans to double business and open 300 more outlets in India
By siliconindia | Wednesday, 15 November 2023, 10:38:04 AM IST
Cosmetics giant Revlon, which operates in India through local partner Modi-Mundipharma Beauty Products, aims to double its business to Rs 400 crore in the current fiscal year. The company plans to achieve this by expanding its offline network and adding more stores. Revlon's Executive Director and Head of Revlon Indian Subcontinent, Meghna Modi, has revealed that the brand intends to increase the number of outlets from 300 to 600. Additionally, the company plans to quadruple its presence from 1,000 departmental stores to 4,000 stores.
Besides, it is 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 said, "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. It will be in the next 2-3 years. We will also double our business next year".
Revlon currently generates 25 percent of its sales in India through online channels, while the rest of the sales come from offline channels like its stores and departmental stores operated by leading retailers. To strengthen its reach, the company is focusing on expanding its presence on social media platforms such as Instagram. Recently, Modi took over the Revlon business after 20 years and is spearheading the brand's growth. In the luxury segment, Revlon competes with global brands like MAC Cosmetics and Estee Lauder and also competes with brands such as Lakme, L'Oreal's Maybelline, as well as a host of new-age online or D2C competitors such as Nykaa, Sugar, MyGlamm, etc.
According to a report, the Indian Beauty and Personal Care (BPC) market is expected to be worth around USD 19 billion by 2022. Although the per capita spending in this category is currently low, the market has significant growth potential as the country continues to prosper. In the face of increasing competition in the beauty and cosmetic segment, Revlon is relying on the quality of its products to stand out. "Whenever we do a study, consumers love our products", she said, adding, "Our promise is a long way and long care". However, Modi also added there is a need for improvement in visibility and merchandising in tier II cities.
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