Modi-Revlon is widening its product basket by introducing an array of professional beauty products targeted at the beauty salons. The company is also upping its ante to have a larger presence in the new format stores, which it hopes will be a major revenue churner in the future.
“In the next couple of years, we hope at least 70 percent of our sales will come from modern retail outlets. We are scaling up our presence in these outlets as it generates considerable impulse buys,” Deepak Bhandari, Director- Marketing, Modi-Revlon, said. Modi-Revlon is a joint venture between the Modi Group and Revlon of the US.
Speaking on the professional beauty range, Bhandari said the Revlon Professional range will be a key growth driver for the company. “The professional beauty products market in India is estimated to be close to Rs 350 crore and is witnessing a 20 percent growth annually. We hope to capture at least 10 percent market share in the first year of launch,” he said.
The range comprises 44 stock keeping units, including hair colour creams, conditioners and nail enamels, which will be sold directly to salons.
The new range would be marketed in Sec A and B cities with a slew of below the line marketing initiatives. The products will be manufactured at the company’s plant in Guwahati
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