Beauty giant L’Oréal India plans to become a €1 billion business in the coming three to four years and is confident that it can grow its business twice as fast as the Indian beauty market by further penetrating the market.
“We estimate that the India’s beauty market should grow 9% to 10% CAGR [compound annual growth rate],” L’Oréal India’s managing director Aseem Kaushik told the Times of India. “The intent is to grow at double the pace… Almost 25% of the contribution to the growth of L’Oréal comes from emerging markets. India, which leads this pie, is the harbinger of keeping the L’Oréal flag flying high in the emerging markets world.”
L’Oréal runs 30 brands globally spanning categories including cosmetics, haircare, and skincare, and currently retails 15 of these in India. The business has seen its cosmetics segment become increasingly important in India and it now constitutes 15% of its India market offering, ET Bureau reported.
“If you look at the consumer profile in India in general, there are close to 229 million consumers earning more than $20 a day,” said Kaushik. “We have almost half of these consumers in terms of our penetration and acquisition. Online, too, has been a big breakthrough for us. Among the 180 million consumers who shop online, 47 million buy beauty products. The number of consumers who buy beauty products is expected to increase to 150 million-odd in five years.”
Copyright © 2023 FashionNetwork.com All rights reserved.