Revlon, functioning in India via Modi-Mundipharma Beauty Products, aims for a remarkable revenue boost, targeting ₹400 crore this fiscal year. Highlighting the strategy, Revlon’s Executive Director and Head of Revlon Indian Subcontinent, Meghna Modi, outlined plans for a significant offline expansion, stating, “We have around 300 outlets and planning to go around 600 outlets and increase presence in 1,000 department stores to 4,000 department stores.”
Over the next 2-3 years, this expansion plan will roll out, aligning with their strategy to double business in the forthcoming year. Revlon reported a turnover of around ₹200 crore for the financial year 2023. Presently, Revlon’s sales distribution in India encompasses 25% online transactions and the rest through offline avenues like company-operated stores and departmental stores under major retailers. To complement its offline growth, the brand is aiming to strengthen its presence on social media platforms, particularly Instagram.
In the luxury segment, Revlon faces stiff competition from esteemed global brands such as MAC Cosmetics and Estee Lauder, alongside domestic competitors like Lakme, L’Oreal’s Maybelline, and emerging online rivals like Nykaa, Sugar, and MyGlamm.
The beauty and personal care market in India, forecasted to hit $30 billion by 2027 and accounting for 5% of the global market, presents a promising avenue for growth, as outlined in a report by Redseer Strategy Consultant and Peak XV. With escalating competition in the beauty sector, Revlon remains steadfast in its emphasis on product excellence. Meghna Modi noted, “Our consumers consistently express adoration for our products,” reinforcing the brand’s dedication to quality and consumer care.
Revlon is strategically honing its focus on aspiring consumers in tier II cities, offering enticing entry-level pricing starting from ₹399. Despite its ambitious growth plans, Modi stressed the necessity for heightened visibility and improved merchandising in these tier II cities.
