Renowned beauty and cosmetics brand Revlon, operating in India through its local partner Modi-Mundipharma Beauty Products, has set its sights on a substantial business boost, aiming to double its revenue to INR 400 crore in the current fiscal year. The company's ambitious growth strategy encompasses a significant expansion of its offline presence, with plans to augment the number of stores and departmental store partnerships.
Revlon's Executive Director and Head of Revlon Indian Subcontinent, Meghna Modi, unveiled the comprehensive expansion plan, detailing the intention to increase the current 300 outlets to an impressive 600. Additionally, the brand seeks to quadruple its departmental store presence from 1,000 to 4,000 stores.
In line with its commitment to meet evolving consumer preferences, Revlon is considering the introduction of perfumes under the iconic Revlon brand. This move aligns with the brand's strategy to diversify its product portfolio to cater to the growing demand in the Indian beauty and cosmetics market, driven notably by the millennial generation.
Meghna Modi, in response to inquiries about the expansion timeline, stated, "It will be in the next 2-3 years. We will also double our business next year." For the financial year ending on March 31, 2023, Revlon reported a turnover of approximately INR 200 crore.
Despite the challenges posed by the COVID-19 pandemic, Revlon, like other beauty brands, has experienced a resurgence and is currently enjoying a robust "Diwali blockbuster" in sales this festive season. Emphasizing their commitment to omnichannel sales, Modi highlighted that presently, 25 percent of Revlon's sales in India originate from online channels, with the majority coming from offline channels such as company-operated stores and departmental stores affiliated with leading retailers.
To fortify its digital presence, Revlon is actively engaging with consumers on social media platforms, particularly Instagram. Meghna Modi, who recently returned to lead the Revlon business after 20 years, expressed enthusiasm about the brand's forward-looking initiatives and its enduring appeal in the ever-evolving beauty landscape.
