Beauty and cosmetics brand Revlon is looking to double its India business to ₹400 crore in the current fiscal year and planning to add more stores, said a report by PTI citing a top company official.
Revlon, which operates in India through local partner Modi-Mundipharma Beauty Products, is planning to increase the number of outlets to 600 and also quadruple its presence from 1,000 departmental stores to 4,000 stores.
“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,” Revlon executive director and head of Revlon Indian Subcontinent Meghna Modi was quoted as saying by PTI.
“It will be in the next 2-3 years. We will also double our business next year,” she also said.
As part of the expansion of its product portfolio for the Indian market, the company is considering to introduce perfume under the brand Revlon.
For the financial year 2023, Revlon’s turnover stood at around ₹200 crore.
Currently, its 25% of sales in India come from online and the rest sales is from offline channels like its stores and departmental stores operated by leading retailers.
“Whenever we do a study, consumers love our products,” she told PTI. “Our promise is long way and long care.”
There is a need for improvement in visibility and merchandising in tier II cities, she said.
The beauty company is also targeting aspirational consumers from tier II cities with its affordable entry price points starting from ₹399 onwards. It is also beefing up its presence on social media platforms such as Instagram.
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.
In the luxury segment, Revlon competes with brands such as MAC Cosmetics, Estee Lauder, Lakme, L’Oreal’s Maybelline.
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Updated: 14 Nov 2023, 09:09 PM IST
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