Revlon, an established name in the beauty and cosmetics industry, is making strategic moves to strengthen its presence in the Indian market through its local partner Modi-Mundipharma Beauty Products. Aiming to double its revenue to Rs 400 crore in the current fiscal year, Revlon is expanding its offline footprint, planning to increase its outlets from 300 to 600 and amplify its department store presence from 1,000 to 4,000, Meghna Modi, Executive Director and Head of Revlon Indian Subcontinent, told PTI.
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Revlon’s resilience is noteworthy. Despite the challenges posed by the COVID-19 pandemic, the brand has rebounded with robust sales, particularly during the festive season. Meghna Modi, speaking with PTI, highlighted the brand’s ambitious expansion plans over the next 2-3 years, including doubling its business by the next year. As of March 31, 2023, Revlon reported a turnover of approximately Rs 200 crore.
Online sales currently account for 25% of Revlon’s revenue in India, with the remainder stemming from offline channels. The company is also enhancing its digital presence, particularly on social media platforms like Instagram.
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Revlon competes in both the luxury and mass-market segments, facing off against global giants like MAC Cosmetics and Estée Lauder, as well as Indian brands like Lakme and L’Oreal’s Maybelline. The brand is also contending with numerous new-age online or D2C competitors like Nykaa, Sugar, and MyGlamm, PTI reported.
The Indian beauty and personal care market, valued at USD 19 billion in 2022, is projected to reach USD 30 billion by 2027, capturing 5 per cent of the global market, according to a joint report by Redseer Strategy Consultants and Peak XV. Despite low per capita spending in this category, significant growth is anticipated as the country’s economy strengthens.
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Revlon, targeting aspirational consumers in tier II cities with affordable pricing, is offering products starting from Rs 399.
