RETAIL EXPANSION NATIONAL
NEW DELHI, INDIA
By IFAB MEDIA - NEWS BUREAU - October 25, 2023 | 48 3 minutes read
WOW Skin Science, India’s leading beauty and wellness brand, is witnessing double digit growth, fuelled by their Innovation Lab and a digital first, strategic omni-channel approach. Driven by strong offline sales in 40,000 retail touchpoints, the company’s revenues reached INR 320 Cr in FY 23. WOW aims to reach the 1000 Cr revenue mark by the end of FY26, and their diverse range of Natural, Activated Natural and alternative products is a key factor in its success in international and national markets.
Innovation is one of the major driving forces behind the growth of WOW. As a company at the forefront of reimagining skincare, WOW Skin Science continues to invest heavily in developing their in-house formulations at the WOW Innovation Lab. This focus has led to vigorous growth, leading to a five-fold increase in contribution of innovation to the top line. WOW has evolved into a complete personal-care brand, also involving skincare, haircare, supplements and wellness.
In a case of trend reversal, WOW Skin Science is a homegrown Indian brand that has forayed into foreign markets and built a loyal customer base with its array of innovative and varied product offerings. As one of the first Indian brands in personal care to be in Walmart, WOW is also looking at partnerships with more key retailers in the US like Target, CVS and Walgreens.
Overall, the company is expected to post a double-digit growth figure in FY24 with a significantly improved bottom-line, with a double-digit Gross Margin increase, as well as streamlining of marketing in line with its rapidly changing channel mix with an increasing share of offline channels.
Manish Chowdhary, Co-founder of WOW Skin Science, is optimistic about the brand becoming a household name both in India and abroad, “As a brand, we’ve evolved over time with respect to the needs of our consumer base. The international markets are also responding positively to our range of products. There is a heightened sense of personalisation among the self-care community, and with WOW’s unique Activated Naturals, we believe we can be the brand everyone looks up to.”
WOW Skin Science now has a fully staffed leadership team with deep domain experience, and a healthy mix of large organization and startup experience. This has been set in place through FY23-FY24 and positions the company well in transitioning from a founder-driven early stage setup to a company with a more decentralized structure which is critical to its next phase of growth. This has been a key enabler in its progress such as scaling up in offline, driving higher share of innovations, developing new data & analytics capabilities, amongst others.