Beauty & Personal Care
There is a tremendous craze for beauty and personal care products among millennials and Gen-G. This is the reason why this sector is growing rapidly. India’s beauty and personal care market is estimated to reach $34 billion (Rs 2,85,500 crore) by 2028. Currently this market in India is $21 billion. The big reason behind this is the prevalence of online shopping and increasing attraction towards high-quality premium beauty products. This information has been given in a report by Nykaa and consulting firm Redseer. The online channel is expected to grow at a compound annual growth rate of 25%. While the organized offline channel is expected to grow at a rate of 14%.
Earlier, foreign companies were dominant
Until a decade ago, the Indian beauty market was dominated by foreign companies. Brands like Maybelline, Revlon and Loreal, which were advertised by big Bollywood celebrities, were mostly selling skin whitening products. Now with time, there has been a huge change in the demand of Indian women regarding beauty products. Today, domestic brands are trying to fulfill their demand.
Nayaka came in 2012
Nykaa is a famous beauty brand of India. It was launched in 2012. Nykaa’s Chief Executive Anchit Nair said that the way competition is increasing, everyone is doing one or two things. But no one is doing everything. He said in an interview, ‘If you look at the horizontal marketplaces, their focus is mainly on personal care. Some new competitors are going very premium. We are the only ones who are doing everything from tier-1 to layer tier-3, normal to premium, online plus offline, global brands and domestic brands.’
When will the IPO of SUGAR Cosmetics come
In 2015, 3 years after the launch of Nykaa, Vinita Singh and Kaushik Mukherjee launched SUGAR Cosmetics. The company’s fastest selling product at that time was its lipstick. Being affordable, Sugar Cosmetics is very popular among millennials and Gen-G. It has been 9 years since the company was launched. Vinita Singh is now a judge on Shark Tank India and Sugar Cosmetics may soon be listed on the stock market. Earlier this year, Vinita Singh had said that the IPO may take 2 or 3 years.
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